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After Thanksgiving 2016, Jack Hirsh returned to his home to find that his TV DVD unit was stolen. He bought this set for $950 in

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After Thanksgiving 2016, Jack Hirsh returned to his home to find that his TV DVD unit was stolen. He bought this set for $950 in December 2011. He was somehow relaxed, thinking that his good property insurance would replace the set with a new one. but his insurance agent told him that according to the office records, the value of his set would have depreciated to zero by December. 2020. and therefore the insurance would have to pay less than the replacement value (RV). Calculate: a) What Jack would wish to receive (RV) b) What the insurance would be willing to pay (ACV) c) The difference between the two values. Given that the CPI's for 2011.2016 arc 140.5.161.2 respectively

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