You’ve borrowed $18,000 on margin to buy shares in Ixnay, which is now selling at $40 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 $35 per share.
a. How low can the price of Ixnay shares fall before you receive a margin call? (Round your answer to 2 decimal places.)