Jack bought his town-house 15-years ago in Melbourne and had taken out a loan for $350,000. In that 15-years he has paid off $200,000, leaving him with a loan balance of $150,000. Since 2008 Melbourne's home prices have jumped in value, now his home is worth $1,000,000. a) Calculate his Home Equity. (2 marks) b) Jack is currently paying the home and contents insurance for $450,000 based on the cover taken 15 years ago. Explain the concept of under insurance to Jack and identify two implications of not revising the (3 marks) cover.