The current market price for ABC is $49 per share. Initial margin is 50%, maintenance margin is 35% and there is no margin interest. ABC pays annual cash dividends of $2.75 per share. You believe the stock price will decrease over the next year and wish to sell short using margin. Suppose you are correct and the stock falls to $38 per share at the end of the year.

a. What is your percentage return on assets for this trade?

b. What is your percentage return on equity for this trade?