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You purchase 850 shares of 2nd Chance Co. stock on margin at a price of $56. Your broker requires you to deposit $24,000. a. What

You purchase 850 shares of 2nd Chance Co. stock on margin at a price of $56. Your broker requires you to deposit $24,000.

a. What is your margin loan amount? (Do not round intermediate calculations.)

b. What is the initial margin requirement? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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