1. An investor buys $8,000 worth of a stock priced at $40 per share using 50% initial margin. The broker charges 6% on the margin loan and requires a 30% maintenance margin. In 1 year the investor has interest payable and gets a margin call. At the time of the margin call the stocks price must have been ____.

   A. $20 B. $29.77

2. C. $30.29

3. D. $32.45