Initial Margin = 60%

Maintenance Margin = 40%

Initial Price = $120

Expected Dividend = $2

1) If you shorted the stock on margin. Again, at the end of 180 days the stock is selling for $116 and the $2 dividend was paid. What is your HPR? What is your effective annual return on this investment? What is your new margin level? What is your excess margin (i.e. in dollars)? When (i.e. the new price level) will you get a margin call?