Peter has just made a $5 million offer to a home seller by making a 10% initial deposit. He must arrange a mortgage loan with a local bank within one month to close the transaction. Currently, banks are willing to finance only 70% of the appraised property value. If the property price falls by 0.571 million, the minimum savings that Peter must have in order to complete the transaction successfully is nearest:

Select one:

a. $1.3 million

b. $1.0 million

c. $1.4 million

d. $1.2 million

e. $1.1 million