Redo parts (a) and (b), now assuming that Intels dividend (paid at year end) is $1 per share. 15. Here is some price information on Fincorp stock. Suppose first that Fincorp trades in a dealer market.     Bid Asked   55.25 55.50     a. Suppose you have submitted an order to your broker to buy at market. At what price will your trade be executed? b. Suppose you have submitted an order to sell at market. At what price will your trade be executed? c. Suppose an investor has submitted a limit order to sell at $55.38. What will happen? d. Suppose another investor has submitted a limit order to buy at $55.38. What will happen? 16. Now reconsider the previous problem assuming that Fincorp sells in an exchange mar- ket like the NYSE. a. Is there any chance for price improvement in the market orders considered in parts (a) and (b)? b. Is there any chance of an immediate trade at $55.38 for the limit-buy order in part (d )? 17. You are bullish on AT&T stock. The current market price is $25 per share, and you have $5,000 of your own to invest. You borrow an additional $5,000 from your broker at an interest rate of 8% per year and invest $10,000 in the stock. a. What will be your rate of return if the price of AT&T stock goes up by 10% during the next year? (Ignore the expected dividend.) b. How far does the price of AT&T stock have to fall for you to get a margin call if the maintenance margin is 30%? 18. Youve borrowed $20,000 on margin to buy shares in Disney, which is now selling at $40 per share. Your account starts at the initial margin requirement of 50%. The main- tenance margin is 35%. Two days later, the stock price falls to $35 per share. a. Will you receive a margin call? b. How low can the price of Disney shares fall before you receive a margin call? 19. You are bearish on AT&T stock and decide to sell short 100 shares at the current mar- ket price of $25 per share. a. How much in cash or securities must you put into your brokerage account if the bro- kers initial margin requirement is 50% of the value of the short position? I. Introduction 3. How Securities Are Traded The McGraw−Hill Companies, 2001