1-16. Extended Learning Exercise. Bad news: You have just wrecked your car! You need another car immediately because you have decided that walking, riding a bike, and taking a bus are not acceptable. An automobile wholesaler offers you $2,000 for your wrecked car “as is.” Also, your insurance company’s claims adjuster estimates that there is $2,000 in damages to your car. Because you have collision insurance with a $1,000 deductibility provision, the insurance company mails you a check for $1,000. The odometer reading on your wrecked car is 58,000 miles. What should you do? Use the seven-step procedure from Table 1-1 to analyze your situation. Also, identify which principles accompany each step.