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You sell short 360 shares of Microsoft which are currently selling at $37 per share. You post the 48% margin required on the short sale.

You sell short 360 shares of Microsoft which are currently selling at $37 per share. You post the 48% margin required on the short sale. If you earn no interest on the funds in your margin account what will be your rate of return after one year if Microsoft is selling at $33? (Ignore any dividends)

The correct answer ends up being 22.52% but, I'm not sure how they got to that answer.

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