Problem $3-22($Algo$)$

You've borrowed $$26,838$ on margin to buy shares in Ixnay, which is now selling at $$42\mathrm{.}6$ per share. You invest $1,260$ shares. Your account starts at the initial margin requirement of $50\%.$ The maintenance margin is $35\%.$ Two days later, the stock price changes to $$48$ per share.

Required:

a$.$ Will you receive a margin call?

Yes

No

b$.$ At what price will you receive a margin call? $($Round your answer to $2$ decimal places.$)$

Stock price