What is the equity in the investors account, Corporate Finance

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What is the equity in the investors account

Problem

An investor buys $48,000 worth of a stock priced at $60 per share using 60% initial margin. The broker charges 3% on the margin loan and requires a 35% maintenance margin. The stock pays a $.30 per share dividend in 1 year, and then the stock is sold at $63 per share. What is the equity in the investor's account when they get a margin call?

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Corporate Finance: What is the equity in the investors account

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