USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)

question 12

Multiple Choice

USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Jackie has a margin account with a balance of $150,000. The initial margin deposit is 60 percent and Turtle Industries is currently selling at $50 per share.
-Refer to Exhibit 3.1. How many shares of Turtle can Jackie purchase?

• A) 5,000
• B) 3,000
• C) 1,800
• D) 1,200
• E) 750

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Definitions:

System of Equations

A set of equations with the same variables, which are solved together to find a common solution.

Method of Elimination

A technique in algebra for solving a system of equations by removing variables to find their values.

System of Equations

A set of equations with the same variables, which are to be solved simultaneously.

Method of Substitution

A technique for solving systems of equations where one of the equations is solved for one variable in terms of the others, and then substituted into the other equation(s).