Not long ago, Jack Edwards bought 300 shares of Almost Anything Inc. at $42.62 per share; he bought the stock on margin of 60%. The stock is now trading at $60.06 per share, and the Federal Reserve has recently lowered initial margin requirements to 54%. Jack now wants to do a little pyramiding and buy another 400 shares of the stock. What is the minimum amount of equity that he'll have to put up in this transaction?

The minimum amount of equity that he'll have to put up in this transaction is $ . (Round to the nearest cent.)