Suppose you purchase 1,400 shares of stock at $62 per share with an initial cash investment of $33,000. The call money rate is 5 percent and you are charged a 1.5 percent premium over this rate.

a.	Calculate your return on investment one year later if the share price is $70. Suppose instead you had simply purchased $33,000 of stock with no margin. What would your rate of return have been now?

Rate of return	%
Without margin, rate of return	%

b.	Calculate your return on investment one year later if the share price is $62. Suppose instead you had simply purchased $33,000 of stock with no margin. What would your rate of return have been now?

Rate of return	%
Without margin, rate of return	%

c.	Calculate your return on investment one year later if the share price is $46. Suppose instead you had simply purchased $33,000 of stock with no margin. What would your rate of return have been now?

Rate of return	%
Without margin, rate of return