Tom purchased 590 shares of stock on margin for $26.43 a share and sold the shares 7 months later for $31.48 a share. The initial margin requirement was 57 percent and the maintenance margin was 26 percent. The interest rate on the margin loan was 6 percent. He received no dividend income. What was his holding period return (in percent)? Answer to two decimals.

CORRECT ANSWER IS 30.91 (from the answer key) i need to know the work.