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Ben has $800,000 in his brokerage account. He would like to buy shares of Apple Corp. which currently have a price of $200. His broker

Ben has $800,000 in his brokerage account. He would like to buy shares of Apple Corp. which currently have a price of $200. His broker is willing to lend him money, up to a 40% initial margin. The maintenance margin is 30%. A. [6 points] How many shares can he purchase by utilizing his maximum buying power? B. [6 points] At what price will he receive a margin call?

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