e) Assume that on January 1, 2022 you sell short 1,000 shares of ANZ common stock at $35 per share. The initial margin is 50% of the value of the short position. On April 1, 2022, you covered the short position by buying the stock at $25 per share? The broker charges $0.50 per share in commission for each transaction.

What is your holding period return? In detail please, excel if possible