Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Colton Gentry of Lancaster, California, has owned his home for ten years. When he purchased it for $175,000, Colton, bought a 5160,000 homeowner's Insurance policy.

image text in transcribed
Colton Gentry of Lancaster, California, has owned his home for ten years. When he purchased it for $175,000, Colton, bought a 5160,000 homeowner's Insurance policy. Se tit own that policy, even though the replacement cost of the home's now $305,000 a. I Colton suffered a $23,000 fire loss to the home, what percentage of the loss would be covered by his policy? Round your answer to one decimal place What dollar amount of the loss would be covered by his policy? Enter the amount of the town as a positive number. Round your answer to the nearest dollar $ b. How much insurance on the home should Colton carry now to be fully reimbursed for a fire loss? Round your answer to the nearest dollar

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions

Question

=+what effect did this legislation have on money demand? Explain.

Answered: 1 week ago