You are bearish on Telecom and decide to sell short 120 shares at the current market price of $55 per share.

a.	How much in cash or securities must you put into your brokerage account if the broker's initial margin requirement is 50% of the value of the short position?(Omit the "$" sign in your response.)

Cash or securities to be put into brokerage account

$3300

b.	How high can the price of the stock go before you get a margin call if the maintenance margin is 30% of the value of the short position?(Round your answer to 2 decimal places.Omit the "$" sign in your response.)

Margin call will be made at price

$?? or higher

I got as far as 9900-120P/120P = .30 P=??

How do you solve for P? Cant figure out how to get $$.00