Consider the Following to Answer the Question(s) Below

question 23

Multiple Choice

Consider the following to answer the question(s) below:
A landowner is considering a community development project. Even though he realizes that the current market for housing is not very favourable, he believes that there will be an influx of retirees into the area within the next five years. He is trying to decide between two alternatives: (1) building detached homes in a planned retirement community or (2) building a smaller townhouse/condominium complex. Mortgage interest rates will affect his outcomes and the applicable payoff (in $ millions) table is shown below.
-According to the maximin approach, the landowner should

• A) build detached homes in a planned retirement community if interest rates go down.
• B) build detached homes in a planned retirement community.
• C) build detached homes in a planned retirement community if interest rates go up.
• D) build townhouses/condominiums.
• E) build detached homes in a planned retirement community if interest rates stay about the same.

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