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Suppose you have $32,397 in total securities in a margin account. Of that, you have $16,728 in equity. You plan to purchase another stock for
Suppose you have $32,397 in total securities in a margin account. Of that, you have $16,728 in equity. You plan to purchase another stock for a total of $4,382 through your margin account using as little as possible equity. What is the smallest amount of equity you would need to add to your margin account (based on the Federal Reserve's required initial margin)? Round your answer to the nearest cent.
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