Not long ago, Jack Edwards bought 200 shares of Almost Anything Inc. at $45 per share; he bought the stock on margin of 60%. The stock is now trading at $60 per share, and the Federal Reserve has recently lowered initial margin requirements to 50%. Jack now wants to do a little pyramiding and buy another 300 shares of the stock. What is the minimum amount of equity that he'll have to put up in this transaction?
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