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Exhibit 4.5 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)

question 23

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Exhibit 4.5
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
You decide to sell 100 shares of Topgun Enterprises Inc. short when it is selling at its yearly high of $42.25. Your broker tells you that your margin requirement is 60 percent and that the commission on the sale is $20. While you are short, Topgun pays a $0.85 per share dividend. At the end of one year you buy your Topgun shares (cover your short sale) at $44 and are charged a commission of $20 and a 5 percent interest rate.
-Refer to Exhibit 4.5. What is your dollar return on the investment?


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An individual who derives pleasure from watching others when they are naked or engaged in sexual activity, without their knowledge or consent.

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Establishments where the servers or entertainers wear no clothing above the waist.

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