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Question
Sun Lee purchased 1,500 shares of Franklin Metals stock for $16.80 a share. The stock was purchased with an initial margin of 65 percent. The maintenance margin is 30 percent. The stock is currently selling for $17.10 a share. What is the minimum dollar amount of equity that he must have in this stock today to avoid a margin call?A. $7,544
B. $7,695
C. $7,760
D. $7,808
E. $7,973
Answer
This answer is hidden. It contains 37 characters.
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