Exhibit 3.4 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM You decide to sell 100 shares of Davis Industries short when it is selling at its yearly high of $35. Your broker tells you that your margin requirement is 55 percent and that the commission on the sale is $15. While you are short, Davis pays a $0.75 per share dividend. At the end of one year you buy your Davis shares (cover your short sale) at $30 and are charged a commission of $15 and a 6 percent interest rate. Refer to Exhibit 3.4. What is your dollar return on the investment? a. $300.50 b. $130.50 c. $100.00 d. $3,500.00 e. $1,773.75