You've borrowed $30,000 on margin to buy shares in Ixnay, which is now selling at $41.0 per share. You invest 1,100 shares. Your account starts at the initial margin requirement of 50%. The maintenance margin is 35%. Two days later, the stock price changes to $40 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.)