You purchase 650 shares of 2nd Chance Co. stock on margin at a price of $48. Your broker requires you to deposit $16,000.

a. Suppose you sell the stock at a price of $55. What is your return? What would your return have been had you purchased the stock without margin? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

	Rate of Return
With margin		%
Without margin		%

b. What is your return if the stock price is $47 when you sell the stock? What would your return have been had you purchased the stock without margin? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

	Rate of Return
With margin		%
Without margin		%