Peter has just made a $10 million offer to a home seller with an initial deposit equal to 10% of the offer price. Since Peter is first-time home buyer, he is eligible for 90% home financing based on the lower of the AGREED OFFER and the APPRAISED PROPERTY VALUE by the bank. At the time of appraisal, the property price has fallen by $500,000. What is the minimum saving that Peter must have in order to complete the transaction successfully?

a) $0

b) $ 450,000

c) $ 500,000

d) $ 1,450,000

e) $ 1,500,000

Answer: B