Hedge Fund - market neutral L/S practice, investing, everyone, actually, capital

suxiaoxiao

Hi everyone

I encountered the small doubt while doing Vol 6 R73 example 7and practice exam 14 re Hedge funds investing in neutral long/short strategy

In example in R73 p 222 in Curric fund has $10M capital ($9M margin deposit at 18% margin it splits total capital of 9M/.18 = $50M into halfs 25M long 25M short)
and in practice exam R73/14 $25m-$1Mcash cushion implies 24M/.20=> $120M totalling where no split actualy occurs so goes to 120M long 120M short
I did actually as in second practice exam having not noticed that difference.

Question is why in first case splits into half occurs while in the other does not?
Did I miss sth?
thanks