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Joseph bought 100 shares of stock at a price of $24 a share. He used his 70% margin account to make the purchase. Joseph sold

Joseph bought 100 shares of stock at a price of $24 a share. He used his 70% margin account to make the purchase.

Joseph sold his stock after a year for $20 a share. Ignoring margin interest and trading costs, what is Josephs return on investors equity for this investment? A) -17% B) -24% C) 24% D) -56%

Why the right Answer is B?

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