In my experience, you can't even have a lens cleaned up for less than $70-80. The rule of thumb for repairing anything is 50% of replacement cost. And chips in the rear element are in the worst possible place (and I'm betting it is not very close to the edge). I'd try to blow the sand out and get it working, meanwhile buying a replacement. Then, if you can get it to work, try a few shots and you can either sell if honestly or use it for optically imperfect effects. Otherwise, sell it for parts.