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David purchased 1 0 0 shares of stock at $ 2 0 using her 6 0 % margin account ( i . e . he

David purchased 100 shares of stock at $20 using her 60% margin account (i.e. he can only borrow 40% of the account value with a margin loan). His maintenance margin is 50%. David has no other securities in her account. The moment the stock price falls below X, David will receive a margin call. What is X?

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