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A friend, Ms. Michelle, was renting a house for $1,000 permonth, but recently purchased a comparable home for $200,000 plus1% for various fees, inspections, etc. Ms. Michelle’s opportunitycost of capital is 6% per year and she will have to pay a 5%commission when she sells the house. Assuming that she has to moveand sell the house in one year, how much the house appreciate invalue for her to be better off than renting?
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