To calculate the average price of Dave’s position as of the end of day on Tuesday, we need to consider the total value of his shares and the total quantity of shares he owns.

Total value of shares = $275,000 Total quantity of shares = 22,000

Average price = Total value of shares / Total quantity of shares Average price = $275,000 / 22,000 Average price = $12.50

Therefore, the average price of Dave’s position as of the end of day on Tuesday is $12.50.

To calculate Dave’s total return as of the end of day on Tuesday, we need to consider the change in the value of his equity.

Initial equity = $137,500 Final equity = $137,500

Total return = Final equity - Initial equity Total return = $137,500 - $137,500 Total return = $0

Therefore, Dave’s total return as of the end of day on Tuesday is $0.

If Dave had not borrowed on margin, his return would have been different. However, since the data provided does not include the purchase price of the initial 15,000 shares, we cannot calculate his return without borrowing on margin.