Office Max is offering $40 mail in rebate on all Office chairs. George is looking at a few different office chairs that range in price from $195 to $300. How much can he plan to pay after the rebate? Form a compound inequality to represent this problem and solve. Can he stay within his $150 budget for the office chair? Why or why not?

Let's say the price of the office chair George chooses is represented by "x" dollars.

According to the problem, the price of the chair after the rebate will be "x - $40".
Since George's budget is $150, it can be represented by the inequality: "x - $40 ≤ $150".
Adding $40 to both sides of the inequality, we get: "x ≤ $190".
Therefore, George can choose an office chair with a price of $190 or less to stay within his budget of $150.