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lConsider the position of an investor who shorts 500 shares in April when the price per share is $120 and closes out the position by

lConsider the position of an investor who shorts 500 shares in April when the price per share is $120 and closes out the position by buying them back in July when the price per share is $100. Suppose that a dividend of $1 per share is paid in May. What is the investors profit? And loss if she had bought 500 shares?

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