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A C would be really bad, but if you can pull off a B+, that may be better than just not having it. It will be a toss up, I think. But if you think a C is likely, definitely drop it (unless you need it to graduate or something, I guess)
For many of these math-intensive courses, it may be that everyone does poorly on the exams and there's a final grade curve of some kind, so talk with your professor to see if he can give you a realistic idea of what kind of grade range you're still in the running for.