1. Roger borrowed $20K from his broker 8 months ago at an effective annual rate of 5% in order to purchase $50K in stock. He just sold his shares and paid off the loan (both principal and interest) earning an effective rate of return on his equity equal to 15% per annum. How much did he sell his shares for?

1. $50,661
2. $53,929
3. $53,590
4. $55,500
5. $57,500