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Question: After researching Valero Energy common stock, Sandra Pearson is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 300 shares of Valero Energy. At the time of the sale, a share of common stock had a value of $56. Three months later, Valero Energy is selling for $47 a share, and Sandra instructs her broker to cover her short transaction. Total commissions to buy and sell the stock were $36. What is her profit for this short transaction?

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