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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?
b. At what price will you receive a margin call? (Round your answer to 2 decimal places.)
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