Attempts $$

Keep the Highest $\frac{0}{1}$

$3.$ Problem $3-04$

Problem $3-04$

You decide to sell short $100$ shares of Charlotte Horse Farms when it is selling at its yearly high of $$48.$ Your broker tells you that your margin requirement is $60$ percent and that there are no commissions. While you are short the stock, Charlotte pays a $$2\mathrm{.}70$ per share dividend. At the end of one year, you buy $100$ shares of Charlotte at $$36$ to close out your position. The interest rate is $8$ percent. What is your rate of return on the investment? Do not round intermediate calculations. Round your answer to two decimal places. $$

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