1. You decide to buy 1,500 shares of stock at a price of $62, making a full use of the initial margin of 80 percent prescribed by your broker. In addition, your broker would make a margin call if your existing margin is 40 percent or lower. Answer the following three questions. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

   a. How many dollars would you borrow from your broker?

   Amount borrowed = $

   b. At what price will you receive a margin call?

   Margin call price = $

   c. What is the maximum percentage change in the stock price before you will receive a margin call? (Use a negative sign to indicate a decrease in change.)

   Stock price change = %