On January 1, 2004, Karen sold stock A short for 50 with a margin requirement of 80%. On December 31, 2004, the stock paid a dividend of 2, and an interest amount of 4 was credited to the margin account. On January 1, 2005, Karen covered the short sale at a price of X; earning a 20% return. Calculate X:

The answer is 44.

Why doesn't this format work?

50(0.8)(1+0.20) = 4 + 50 - X -2

This gives me the wrong answer, not sure what I am missing.