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Bill Campbell invested $4,800 and borrowed $4,800 to purchase shares in Kellogg. At the time of his investment, Kellogg stock was selling for $58 a
Bill Campbell invested $4,800 and borrowed $4,800 to purchase shares in Kellogg. At the time of his investment, Kellogg stock was selling for $58 a share. (a) If Bill paid a $55 commission, how many shares could he buy if he used his $4,800 and borrowed $4,800 on margin to buy Kellogg stock? (Round your answer to 2 decimal places.) (b) Ignoring buying commission, Assuming Bill did use margin, paid a $93 total commission to sell his Kellogg stock, and sold his stock for \$61 a share, how much profit did he make on his Kellogg investment? (Use the number of shares computed in part (a) rounded to 2 decimal places. Round your final answer to 2 decimal places.)
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