You purchase 600 shares of Drake Corporation at $25 per share using an initial margin of 70%.

You purchase 600 shares of Drake Corporation at $25 per share using an initial margin of 70%.  The stock is now selling for $38 per share and you want to use the excess equity in your account to pyramid.  You want to purchase 400 shares of Wonder Corporation at $102 per share.  If the minimum initial margin is 60%, what is the minimum amount of equity that you will have to put up in this transaction?