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Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 20% down payment. For

Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 20% down payment. For example, To buy a $100,000 home, a person would need to save $20,000. At the end of each year for five years, the women make the following investments:

Person Annuity Payment Type of Account Expacted Annual Return
Mary Kate $2,200 Savings 2%
Ashley $3,200 CDs 4%
Dakota $4,200 Bonds 6%
Elle $4,200 Stocks 12%

What is the maximum amount each woman can spend on a home, assuming she uses her accumulated investment account to make a 20% down payment?

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