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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?
Voyeur
An individual who derives pleasure from watching others when they are naked or engaged in sexual activity, without their knowledge or consent.
Topless Bars
Establishments where the servers or entertainers wear no clothing above the waist.
Live Sex Clubs
Venues where attendees can watch and sometimes participate in sexual activities performed by others, typically in a public or semi-public setting.
Exhibitionist
An individual who experiences a strong desire or receives sexual satisfaction from exposing their genitals to unsuspecting strangers.
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