An investor buys a stock on margin and holds the position for one year.
Shares purchased | 700 |
Purchase price | $22/share |
Call money rate | 4% |
Dividend | $0.60/share |
Leverage ratio | 1.6 |
Total return on the investment | 12% |
Assuming that the interest on the loan and the dividend are both paid at the end of the year, the price at which the investor sold the stock is closest to: