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Please show your work (answer was given as c 57.14) Jacob has $40,000 to invest. His margin account has an initial margin of 50% and

Please show your work (answer was given as c 57.14)

Jacob has $40,000 to invest. His margin account has an initial margin of 50% and a maintenance margin of 30%. Suppose Jacob borrows the maximum amount and invests in 1,000 shares of Morgan Stanley (MS). At what price will Jacob receive margin call?

a 70.48

b 65.31

c 57.14

d 50.92

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