Suppose that Xtel currently is selling at $35 per share. You buy 800 shares using $15,000 of your own money, borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 8%. If the maintenance margin is 30%, how low can Xtels price be before you get a margin call?

$30.25

$13.33

$23.21

$11.33