You have opened a new account to sell short 1,000 shares of Nicola stock at $100/shr. Initial margin ratio was 60% and maintenance margin ratio is 40%. [Ignore Stock loan fees.] [i] What is the threshold level of the closing price, at which triggering a margin call is in effect? Initial price $100/shr Current price $110/shr Closing price $115*/shr [ii] Since share price is rising, you want to reduce the size of your short position now (at $110/shr) to avoid margin call after market close. If your target level of the maintenance margin ratio at close (your estimate: $115*/shr) is 45% (or above), how many shares do you need to buy back now (at $110/shr) at least?