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You purchased 1,000 shares of XYZ stock on a margin of $80 per share with an initial margin of 40%. XYZ stock price suddenly drops
You purchased 1,000 shares of XYZ stock on a margin of $80 per share with an initial margin of 40%. XYZ stock price suddenly drops to $50 and you receive a margin call. You want to partially liquidate your position and repay the loan with the proceeds in order to meet the maintenance margin requirement of 30%. You need to sell at least _________ (rounded up to the nearest whole number).
a) 867 shares
b) 869 shares
c) 863 shares
d) 865 shares
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