Question: The stock of Flop Industries is trading at $ 2 9 . You feel the stock price will decline, so you short 1 , 3

The stock of Flop Industries is trading at $29. You feel the stock price will decline, so you short 1,300 shares at an initial margin of 50 percent. If the maintenance margin is 35 percent, at what share price will you receive a margin call? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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