Youve just opened a margin account with $15,000 at your local brokerage firm. You instruct your broker to purchase 700 shares of Landon Golf stock, which currently sells for $32 per share.

a. What is your initial margin? (Enter your answer as a percent rounded to 2 decimal places.)

Initial margin

%

b. Construct the equity account balance sheet for this position.

Assets		Liabilities and account equity
700 shares		Margin loan
		Account equity
Total		Total	$0