Sun Lee purchased 1,500 shares of Franklin Metals stock for $16.80 a share.The stock was purchased with an initial margin of 65 percent.The maintenance margin is 30 percent.The stock is currently selling for $17.10 a share.What is the minimum dollar amount of equity that he must have in this stock today to avoid a margin call?
A) $7,544
B) $7,695
C) $7,760
D) $7,808
E) $7,973
Correct Answer:
Verified
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