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The insurance carrier used by Best Security Systems specifies 75% coinsurance. The company recently incurred $696,000 in damages from a tornado. The building was valued at $877,000, but was only insured for $606,000. What amount will be paid by the insurance company for the loss? (Round your answer to the nearest cent)

a) $696,000.00

b) $641,240.59

c) $578,495.07

d) $592,750.00

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Financial Management, Finance

Category:- Financial Management
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