1. You purchased 100 shares of IBM common stock on margin at $70 per share. Assume the initial margin is 50%, and the maintenance margin is 30%. Below what stock price level would you get a margin call? If the price goes up to $80 per share, do you make a profit or a loss? What is the magnitude of the profit or loss? Assume the stock pays no dividend; ignore interest on margin. (20 pints)