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Michelle purchased a Homeowners 3 policy with no special endorsements to cover her home and personal property. A fire occurred and destroyed a big-screen television.

Michelle purchased a Homeowners 3 policy with no special endorsements to cover her home and personal property. A fire occurred and destroyed a big-screen television. Michelle paid $4,000 for the new TV, and it was 25 percent depreciated when the fire occurred. The replacement cost of a similar television is $3,800.

Ignoring any deductible, how much will Michelle collect for the loss?

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