Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You borrowed $2,000 to buy shares of Apple on margin. When you purchased shares, you paid $5,500. You sold these shares for $6,450. The shares

You borrowed $2,000 to buy shares of Apple on margin. When you purchased shares, you paid $5,500. You sold these shares for $6,450. The shares paid a total of $54 during the holding period. You also owe $35 in interest to your broker. What was your return on this trade?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Markets And Institutions

Authors: Anthony Saunders, Marcia Cornett

8th Edition

1264098723, 978-1264098729

More Books

Students also viewed these Finance questions

Question

What is memory?

Answered: 1 week ago