Rick Buys a 1966 Mustang for $3,000,planning to Restore and Sell

question 57

Multiple Choice

Rick buys a 1966 Mustang for $3,000,planning to restore and sell the car.He goes on to spend $9,000 restoring the car.At this point he can sell the car for $10,000.As an alternative,he can spend an additional $3,000 replacing the engine.With a new engine the car would sell for $13,000.Rick should

• A)complete the repairs and sell the car for $13,000.
• B)sell the car now for $10,000.
• C)never try such an expensive project again.
• D)be indifferent between (i)selling the car now and (ii)replacing the engine and then selling it.

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