To calculate Dave’s equity if the price of KNIGHT had increased to $15.00 on Wednesday, we need to determine the value of his KNIGHT shares at that price and subtract any outstanding loan balance.

On Wednesday, Dave had 13,000 shares of KNIGHT at a price of $9.00, so the value of his shares was 13,000 * $9.00 = $117,000.

If the price of KNIGHT had increased to $15.00, the value of his shares would be 13,000 * $15.00 = $195,000.

To calculate Dave’s equity, we subtract any outstanding loan balance. From Exhibit 6, we can see that Dave had a cash balance of -$56,500 at the end of Wednesday.

Therefore, Dave’s equity if the price of KNIGHT had increased to $15.00 on Wednesday would be $195,000 - $56,500 = $138,500.

Dave’s alternatives to selling 9,000 shares at $9.00 would be to either sell a different number of shares at a different price or to deposit additional funds into his account to meet the margin call.

To calculate Dave’s total return as of the end of day on Wednesday, we need to consider the initial investment, any additional purchases or sales, and the current value of his equity.

From Exhibit 1, we can see that Dave initially invested $50,000 in cash and purchased 15,000 shares of KNIGHT at $10.00 per share, totaling $150,000.

From Exhibit 6, we can see that Dave sold 9,000 shares of KNIGHT at $9.00 per share, totaling $81,000.

To calculate the current value of Dave’s equity, we need to consider the value of his remaining shares and any outstanding loan balance. From Exhibit 6, we can see that Dave had 13,000 shares of KNIGHT at a price of $9.00, so the value of his remaining shares was 13,000 * $9.00 = $117,000.

Therefore, Dave’s total return as of the end of day on Wednesday would be the current value of his equity minus his initial investment, plus any additional purchases or sales.

Total Return = Current Value of Equity - Initial Investment + Additional Purchases/Sales Total Return = $117,000 - $150,000 + $81,000 Total Return = -$150,000

Based on the given data, Dave has a negative total return as of the end of day on Wednesday.