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Kaylis [27]
2 years ago
5

Rosita purchased 300 shares of a stock for $37 a share. Today, the stock is selling for $41 a share. The initial margin requirem

ent is 70 percent and the maintenance margin is 30 percent. Rosita had to pay _____ in cash to purchase the stock and must have at least _____ in equity today.
Business
1 answer:
adoni [48]2 years ago
6 0

Answer: $7,770; $3,690

Explanation:

<em>Rosita purchased 300 shares of a stock for $37 a share. Today, the stock is selling for $41 a share. The initial margin requirement is 70 percent and the maintenance margin is 30 percent. Rosita had to pay </em><em><u>$7,770</u></em><em> in cash to purchase the stock and must have at least </em><em><u>$3,690</u></em><em> in equity today.</em>

Amount Rosie had to pay in cash:

= Number of shares * Value of shares * Initial margin requirement

= 300 * 37 * 70%

= $7,770

Least amount to have in equity:

=  Number of shares * current value of shares * maintenance margin

= 300 * 41 * 30%

= $‭3,690‬

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