You purchase 550 shares of 2nd Chance Company stock on margin at a price of $55. Your broker requires you to deposit $15,500. a. What is your margin loan amount? Note: Do not round intermediate calculations. Margin loan b. What is the initial margin requirement? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Margin requirement %

You purchase 550 shares of 2nd Chance Company stock on margin at a price of $55. Your broker requires you to deposit $15,500. a. What is your margin loan amount? Note: Do not round intermediate calculations. b. What is the initial margin requirement? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places