Not long ago, Candice bought 500 shares of a company at $22.70 per share. She bought the stock on margin of 60%. The stock is now trading at $30.25 per share, and the Federal Reserve has recently lowered initial margin requirements to 50%. She now wants to some pyramiding and buy another 300 shares of stock. What is the minimum amount of equity that she'll have to put up in this transaction? Explain what pyramiding is.