Question
Raphael bought $11,430 worth of stock on margin. The initial margin was 78% and the maintenance margin was 20%. Unfortunately, actual margin decreased to 17%.
Raphael bought $11,430 worth of stock on margin. The initial margin was 78% and the maintenance margin was 20%. Unfortunately, actual margin decreased to 17%. Raphael deposited enough cash to raise the margin to 40%. Rounded to the nearest penny, how much cash did Raphael deposit?
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Financial Management For Nonprofit Human Service Organizations
Authors: Raymond Sanchez Mayers
2nd Edition
0398075131, 9780398075132
