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You bought a house for $200,000. Your insurance requirement is 85%. You bought insurance for $120,000 to save money on insurance premiums. Last month, a

You bought a house for $200,000. Your insurance requirement is 85%. You bought insurance for $120,000 to save money on insurance premiums. Last month, a storm caused $50,000 in damage to your house. Determine your required coverage amount and then determine how much the insurance company will pay for the storm damage to your home.

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