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 is 40 percent. Some positive news concerning the company was released last night and the stock price jumped this morning to $35 a share. What is your current margin position in this stock?

A) 61.33 percent

B) 56.67 percent

C) 45.71 percent

D) 38.68 percent

E) 27.50 percent