MARGIN CALL PROBLEM

QUESTION :

You decide to buy 800 shares of stock at a price of $76 and an initial margin of 65 percent. What is the maximum percentage decline in the stock before you will receive a margin call if the maintenance margin is 30 percent? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Do not include a minus sign. Omit the "%" sign in your response.)