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On January 1, you open a brokerage account and purchase 1000 shares of Tesla, Inc at $40.00 per share. The initial Margin Requirement is 60.00%,
On January 1, you open a brokerage account and purchase 1000 shares of Tesla, Inc at $40.00 per share. The initial Margin Requirement is 60.00%, the annual interest rate(APR) on the loan is 5.00%, and the Maintenance Margin Requirement is 40%. If the price immediately falls to $23.50 and you receive a margin call, how much additional money do you need to give to your broker to bring your account back up to the 60% Initial Margin Requirement?
A. 6600
B. 14100
C. 24000
D. 16000
E. 7500
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