Harry Bought 100 Shares of Stock at a Price of $48

Multiple Choice

Harry bought 100 shares of stock at a price of $48 a share. He used his 60% margin account to make the purchase. Harry sold his stock after a year for $40 a share. Ignoring margin interest and trading costs, what is Harry's return on investor's equity for this investment?

A) -17%
B) -24%
C) 28%
D) -28%