You are bullish on a defense industry so you take a long margined position and buy a total of 100 shares of stock at $47.86 per share. initial margin is 60%. Maintenance margin is 30%.

Assume you hold your position for six months and then you sell all 100 of your shares for $51 per share. the 6-month rate on borrowed money is 2% (the annual percentage rate or APR is 4%). what is your 6-month percentage return on invested capital?