Exhibit 3.6

USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM

You decide to sell short 200 shares of XCorp stock at a price of $75. Your margin deposit is 65 percent. Commission on the sale is 1.25 percent. While you are short, the stock pays a $1.75 per share dividend. Interest on margin debt is 5.25 percent per year.

Refer to Exhibit 3.6. At the end of one year you close out your short position by purchasing share of XCorp at $45 per share. The commission is 1.25 percent. What is your rate of return on the investment?

a. 10.31 percent

b. 51.06 percent

c. 23.1 percent

d. -33.05 percent

e. -55.92 percent