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cici86
cici86
17.09.2019 • 
Business

Recently, a woman named mary krawiec attended an auction in troy, new york. at the auction, a bank was seeking to sell a foreclosed property: a large victorian house suffering from years of neglect in a neighborhood in which many properties had been on the market for years yet remained unsold. her $10 offer was the highest bid in the auction, and she handed over a $10 bill for a title to ownership. once she acquired the house, however, she became responsible for all taxes on the property amounting to $4,500 and for an overdue water bill of $2,000. in addition, to make the house habitable, she and her husband devoted months of time and unpaid labor to renovating the property. in the process, they incurred explicit expenses totaling $63,792.a. calculate mary krawiec's explicit cost.b. mary krawiec's total cost is her explicit cost.c. if the bank were to own the property, its total costs were likely to be mary krawiec's explicit cost.d. the bank was willing to sell the house at auction to ms. krawiec for only $10 because if the bank paid to renovate the property, paid the back taxes, and paid the overdue water bill

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