You are bullish on TLP stocks, you have purchased on margin 520 shares for $36 per share. The initial margin requirement is 55%. Assume that the stock pays no dividend, what is your rate of return if you sell the stock after 1 year at $48 per share? *

a. 35.2%

b. 45.4%

c. 60.6%

d. 55.0%

e. None of the above