Question: Axel bought $ 1 3 , 5 3 9 worth of stock on margin. The initial margin was 7 5 % and the maintenance margin

Axel bought $13,539 worth of stock on margin. The initial margin was 75% and the maintenance margin was 22%. Actual margin decreased to 16%. Axel deposited enough cash to raise the margin to 35%. Rounded to the nearest penny, how much cash did Axel deposit?
Correct Answer:
1,177.84

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