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Last week, you sold 800 shares of Ace stock for $24,000. The sale was a short sale with an initial margin requirement of 70 percent.

Last week, you sold 800 shares of Ace stock for $24,000. The sale was a short sale with an initial margin requirement of 70 percent. The maintenance margin ratio is 40 percent. Some positive news concerning the company was released last night and the stock price jumped to $45 this morning. What minimum amount of additional funds will you need to add to satisfy the maintenance margin ratio requirement?

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