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You purchase 500 shares of Anderson Corporation at $35 per share using an initial margin of 60%

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You purchase 500 shares of Anderson Corporation at $35 per share using an initial margin of 60%. The stock is now selling for $61 per share and you want to use the excess equity in your account to pyramid. You want to purchase 400 shares of Watson Corporation at $125 per share. If the minimum initial margin is 50%, what is the minimum amount of equity that you will have to put up in this transaction? $33,250 You Answered $27,600 0 $21,400 Correct Answer $16,750