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.