Jade short sells 1000 XYZ shares at the price of $20 per share. With an initial margin requirement of 40%, Jade needs to:

a.

Deposit 8,000 cash to meet initial margin requirement.

b.

Borrow 80,000 from the broker to buy shares.

c.

Borrow shares and sell them when share price rises.

d.

Borrow 20,000 from the broker to buy shares.