Youve borrowed $32,000 on margin to buy shares in Ixnay, which is now selling at $32 per share. Your account starts at the initial margin requirement of 50%. The maintenance margin is 35%. Two days later, the stock price falls to $27 per share.

a. Will you receive a margin call?

• Yes

• No

b. How low can the price of Ixnay shares fall before you receive a margin call? (Round your answer to 2 decimal places.)