PLEASE SOLVE USING EXCEL

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 stock's price must have been ____.

A.

$20

B.

$29.77

C.

$30.29

D.

$32.45