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A opens a margin account with BMO Investorline with a minimum required margin ratio of 30%. A invests in 100 shares of RAE Inc. at

A opens a margin account with BMO Investorline with a minimum required margin ratio of 30%. A invests in 100 shares of RAE Inc. at a price of $38.30 per share and an initial margin ratio of 60%. Calculate the price at which they will receive a margin call.

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