Suppose the current stock price of XYZ company is $65 per share. You want to borrow 1,000 shares of the stocks from the broker for short sale. The initial margin is 60% and minimum margin is 30%. Answer the following questions:

a. How much money do you need to provide from your own pocket at the beginning? b. If stock price increases to $73 per share, what is the value of your liability will be? And what is the new margin? c. If stock price decreases to $55 per share, what is the value of equity you own? d. How high can the stock price rise before you receive a margin call?