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5. The Richards have been saving money in order to buy a house. They figure that given current interest rates they could afford a $300,000
5. The Richards have been saving money in order to buy a house. They figure that given current interest rates they could afford a $300,000 home. Before looking at houses on the market they decide to explore the possibility of building a new home. The Richards figure they could buy a suitable lot for $50,000$55,000. At a minimum, they want to build a 2,000 square-foot house. The cost for a house of the quality they desire is $150 per square foot. Given this information should the Richards pursue the option of building a new house
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