3. The Finch family of Charlotte, North Carolina, purchased their home in 1966 for $42,000. However, nowadays, the cost to replace their home would be $75,000. It is estimated that the house is one-third depreciated. The Finch Family have a Homeowners Insurance policy (Coverage A) in force, with 80% coinsurance requirement. Answer the following questions as if each question were a separate event. a. Assume the Finch Family have $70,000 coverage. How much would the Finch Family collect for a total loss of $75,000 under Coverage A? How much would the Finch Family collect for a partial loss of $20,000 under Coverage A? b. Assume the Finch Family have $42,000 coverage. How much would the Finch Family collect for a total loss of $75,000 under Coverage A? How much would the Finch Family collect for a partial loss of $20,000 under Coverage A? 3. The Finch family of Charlotte, North Carolina, purchased their home in 1966 for $42,000. However, nowadays, the cost to replace their home would be $75,000. It is estimated that the house is one-third depreciated. The Finch Family have a Homeowners Insurance policy (Coverage A) in force, with 80% coinsurance requirement. Answer the following questions as if each question were a separate event. a. Assume the Finch Family have $70,000 coverage. How much would the Finch Family collect for a total loss of $75,000 under Coverage A? How much would the Finch Family collect for a partial loss of $20,000 under Coverage A? b. Assume the Finch Family have $42,000 coverage. How much would the Finch Family collect for a total loss of $75,000 under Coverage A? How much would the Finch Family collect for a partial loss of $20,000 under Coverage A