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2-12 Mr. Ryan had a chair destroyed by fire. Mr. Ryan's Homeowners policy covered personal property for actual cash value. The chair which had a useful life of ten years was two years old. The original cost of the chair was $75, but it would have cost $100 to buy a new chair like it at the time it was destroyed. Assuming his deductible has already been satisfied, how much should the insurance company pay for the chair? A. $75 $80 $100 D. $60 B C STRU