Summit apparel has the following accounts at december 31: common stock, $1 par value, 1,600,000 shares issued; additional paid-in capital, $16.40 million; retained earnings, $9.40 million; and treasury stock, 44,000 shares, $0.968 million.

You are bearish on telecom and decide to sell short 100 shares at the current market price of $50 per share. a. how much in cash or securities must you put into your brokerage account if the broker’s initial margin requirement is 50% of the value of the short position? b. how high can the price of the stock go before you get a margin call if the maintenance margin is 30% of the value of the short position? (input the amount as a positive value. round your answer to 2 decimal places.)