Question: Your margin account requires 60% initial and 40% maintenance margins. XOM is selling for $84. You purchase 500 shares of XOM on margin. After the

Your margin account requires 60% initial and 40% maintenance margins. XOM is selling for $84. You purchase 500 shares of XOM on margin. After the purchase, shares of XOM fall to $72. What is your updated account equity? (Express your solution to two decimals of accuracy.)

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