Youve borrowed $21,008 on margin to buy shares in Ixnay, which is now selling at $40.4 per share. You invest 1,040 shares. Your account starts at the initial margin requirement of 50%. The maintenance margin is 35%. Two days later, the stock price changes to $37 per share.

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

______