You purchase $950$ shares of $2$ nd Chance Company stock on margin at a price of $$29.$ Your broker requires you to deposit $$18,500.$

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