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Assume an investor shorted 1 , 0 0 0 shares of Company Y at $ 1 6 . 5 0 using a 5 0 %

Assume an investor shorted 1,000 shares of Company Y at $16.50 using a 50% margin. Following a sharp rise in the stock to $23.10, the investor has received a maintenance margin call. At this point, the investor is required to wire sufficient funds to bring account equity back to 50%. This information is summarized in the following table:
Price Shares Initial Margin New Price
$16.501,00050% $23.10
How much in additional funds must be added to the account to bring account equity back to 50%?
Additional funds in the amount of $
must be added to the account. Round your answer to the nearest cent.

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