Colton Would Like to Purchase as Many Shares of Apple

question 46

Multiple Choice

Colton would like to purchase as many shares of Apple stock (AAPL) as he is able. He currently has $10,000 in cash and the stock is selling for $250 a share. How many shares can he purchase if the initial margin is 70% and the maintenance margin is 35%?

• A)28 shares
• B)40 shares
• C)52 shares
• D)57 shares
• E)114 shares

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