Question: answer is 3.71 please show steps how to get that answer. carry decimals to 4 places Tom purchased 443 shares of stock on margin for

answer is 3.71 please show steps how to get that answer.

carry decimals to 4 places

Tom purchased 443 shares of stock on margin for $27.36 a share and sold the shares 9 months later for $28.78 a share. The initial margin requirement was 60 percent and the maintenance margin was 28 percent. The interest rate on the margin loan was 10 percent. He received no dividend income. What was his holding period return (in percent)? Answer to two decimals

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