答案和详解如下： 1.Assume 100 shares purchased at $75/share with an initial margin of 50 percent. The initial cost to the investor is: A) $0. B) $3,750. C) $7,500. D) $15,000. The correct answer was B) $75/share × 100 shares = $7,500 50% margin means investor only pays ½ of the $7,500 = $3,750.
2.Now, assume that the stock rose to $112.50. The return on investment to the investor is:
A) 50%. B) 200%. C) 75%. D) 100%. The correct answer was D) (market value-initial own investment - margin loan repayment)/initial equity=($11,250 – $3,750 - $3,750) / $3,750 = 100%. (Assuming no interest on the call loan and no transactions fees.)
3.An investor purchases 200 shares of Merxx on margin. The shares are trading at $40. Initial and maintenance margins are 50 percent and 25 percent.
If the investor sells the stock when the price rises to $50 at year-end, the return on the investment would be closest to:
A) 50.00%. B) 18.75%. C) 25.00%. D) 38.75%. The correct answer was A) Profit = 10,000 – 8,000 = 2,000
Return = 2,000/4,000 = 50%
4.If the company pays a dividend of $0.75, the return on the investment would be closest to:
A) 15.75%. B) 22.00%. C) 39.55%. D) 53.75%. The correct answer was D) Dividends income = (0.75) × (200) = $150
Profit = 10,000 – 8,000 + 150 = 2,150
Return = 2,150 / 4,000 = 53.75%
5.Using the following assumptions, calculate the rate of return on a margin transaction for an investor who purchases the stock and the stock price at which the investor who shorts the stock will receive a margin call.
Market Price Per Share: $32
Number of Shares Purchased: 1,000
Holding Period: 1 year
Ending Share Price: $34
Initial Margin Requirement: 40%
Maintenance margin: 25%
Transaction and borrowing costs: $0
The company pays no dividends What of the following choices is closest to the correct answer?
| Margin Return | Margin Call Price |
A) 15.6% $17.07 B) 6.3% $35.80 C) 6.3% $17.07 D) 15.6% $35.80 The correct answer was D) Part 1: Calculate Margin Return:
Margin Return % = [((Ending Value – Loan Payoff) / Beginning Equity Position) – 1] * 100
= [(([$34 * 1,000] – [$32 * 1,000 * 0.60]) / ($32 * 0.40 * 1,000)) – 1] * 100
= 15.6% Alternative (Check): Calculate the all cash return and multiply by the margin leverage factor.
= [(34,000 – 32,000)/32,000] * [1 / 0.40] = 6.35% * 2.5 = 15.6%
Part 2: Calculate Margin Call Price: Since the investor is short (sold the stock), the formula for the margin call price is:
Margin Call = (original price) * (1 + initial margin) / (1 + maintenance margin) = $32 * (1 + 0.40) / (1 + 0.25) = approximately $35.80
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发表于 2008-4-4 17:58
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