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John bought 500 shares of a company at $26 per share on margin by borrowing the maximum possible amount. After 2 months the stock price

John bought 500 shares of a company at $26 per share on margin by borrowing the maximum possible amount. After 2 months the stock price suddenly decreases to $15. How many shares is John required to sell to bring his account in order. Assume initial margin of 60% and maintenance margin of 45%? Assume there are no other securities in the account.

a. 160 shares

b. 117 shares

c. 169 shares

d. 98 shares

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