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You've borrowed $40,000 on margin to buy shares in Ixnay, which is now selling at $20 per share. Your account starts at the initial margin

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You've borrowed $40,000 on margin to buy shares in Ixnay, which is now selling at $20 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 $15 per share. a. Will you receive a margin call? No Yes b. How low can the price of Ixnay shares fall before you receive a margin call? (Round your answer to 2 decimal places.) X Answer is complete but not entirely correct. Margin call will be made at price $ 17.00 X or lower

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