Flex bought a new farm for $400,000 in Waterloo, Ontario. To protect his farm and his personal property, Flex installed smoke detectors and a security system around his premises. He also called Francesca, his financial planner, and discussed the costs and benefits of homeowners' insurance. Francesca advised Flex that it would cost him $1,200 to buy a comprehensive homeowners insurance policy to protect his farm because there is a 0.2% chance that his farm will suffer a total loss. Using minimax regret theory and an expected value of: $8,000, he should retain the risk $8,000, he should insure the risk $800, he should retain the risk $800, he should insure the risk $600, he should retain the risk $600, he should insure the risk