You purchase 700 shares of 2nd Chance Co. stock on margin at a price of $47. Your broker requires you to deposit $17,000.
1. Suppose you sell the stock at a price of $56. What is your return? What would your return have been had you purchased the stock without margin? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)
2. What is your return if the stock price is $45 when you sell the stock? (Negative values should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)
