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You recently purchased 1,300 shares of stock at a cost per share of $54.10. The initial margin requirement on this stock is 60 percent and

You recently purchased 1,300 shares of stock at a cost per share of $54.10. The initial margin requirement on this stock is 60 percent and the maintenance margin is 30 percent. The stock is currently valued at $42.30 a share. What is your current margin position?

Ignore margin interest.

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