单选题 Anke Sash, CFA, is a portfolio manager. One day he buys 200 shares of Stock A at the market price of $100 on full margin. The initial margin requirement is 40 percent and the maintenance margin requirement is 25 percent. If the shares of stock later sold for $ 200 per share, what is the rate of return on this margin transaction for Sash?

A、

A. 150%.
B、

B. 200%.
C、

C. 250%.

【正确答案】 C

【答案解析】Cash Return %=[(Ending Value/Beginning Equity Position)-1]×100=[(($ 200×200)/($100×200))-1]×100=100% Leverage Factor=1/Initial Margin %=1/0.40=2.50 Margin Transaction Return=All cash return×Leverage Factor=100%×2.50=250% Note: You can verify the margin return as follows: Margin Return %=[((Ending Value-Loan Payoff)/Beginning Equity Position)-1]×100=[(([$200×200]-[$ 100×200×0.60])/($ 100×0.40×200))-1]×100=[((40000-12000)/8000)-1]×100=250%.