You recently bought a Samsung 60" 3D 1080p 240Hz LED Smart HDTV for $3000. You were assured that it has a useful life of 10 years. The insurance was $300 if you bought it at the time of purchase. The insurance will cover all the repairs and replacements for the first four years and will give you the book value minus the deductible (which is $500) after that. You were very impressed that they will replace it with a brand new system if it fails for any reason which is including your fault, like dropping it on the floor. They insured it for $3,000. As luck would have it, at the end of year 5 the television stopped working. The repair man came and told you that the repair is both time consuming and the part failed was very expensive. He suggested that you should file a claim with the insurance. The four year replacement deal somehow escaped you and you were immediately told that you will not get anything close to $3,000 to buy another TV.

Perform all the depreciation methods and calculate the amount of money you will be receiving from the insurance.