Schimpf Industries Inc. has developed a new grinder, model WC-13, that is designed to offer superior performance to a comparable grinder sold by Schimpf’s main competitor. The competing grinder sells for $60,000 and needs to be replaced after 2,500 hours of use. It also requires $5,000 of preventive maintenance during its useful life. Model WC-13’s performance capabilities are similar to the competing product with two important exceptions—it needs to be replaced only after 10,000 hours of use and it requires $12,500 of preventive maintenance during its useful life. From a value-based pricing standpoint what range of possible prices should Schimpf consider when setting a price for model WC-13? Multiple Choice $60,000 ≤ Value-based price ≤ $240,000 $187,500 ≤ Value-based price ≤ $247,500 $187,500 ≤ Value-based price ≤ $240,000 $60,000 ≤ Value-based price ≤ $247,500