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svetlana [45]
3 years ago
6

Mike has an insurance policy that pays 90% of the replacement cost of personal property damaged in a fire. A fire destroyed a st

ove that Mike paid $350 for but it was now worth only $90. A new one would cost $400. How much will Mike’s insurance company pay?
Business
2 answers:
podryga [215]3 years ago
7 0

Answer:

Explanation:

Mike insurance company will pay = 0.9 of 400 = $ 360

zheka24 [161]3 years ago
7 0

Answer: Mike's insurance company will pay $360. That is, 90 percent of $400.

Explanation: The insurance company pays 90 percentage of the replacement cost of personal property damaged by fire. Although the actual amount Mike paid for the stove was $350 but now was worth $90 due to the fire incident. The insurable amount that was expected to have been communicated to the insurance company was the current market value and not the actual amount parted with, at first. This is because the insured would be at a loss in case of any eventuality.

So it was expected that Mike would have communicated $400 as the current market value to the insurance company to be the insurable amount.

The insurance company would take possession of the damaged stove which is now worth $90 and sell it to salvage buyer most likely at that price to cushion the loss that was incurred. Also, the company would pay $360 to Mike while he bears the remaining balance, which is $40.

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<u>Solution and Explanation:</u>

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B) please see the attached file.

c)  It is a binomial distribution with n = 150, p = 0.02

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3 years ago
In the new department she is setting up, Shondra decides that top managers will report to her and that everyone else will report
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Answer:

a) planning

Explanation:

Shondra performing the planning process of management functions. Planning means, first of all looking ahead and chalking out future courses of activity to be followed by each and every member of an organization as here Shondra is setting up a new department soon after she is chalking out future courses of duty of the manager and every member of the particular department which is very important for the smooth and effective running of an organisation.

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2 years ago
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gtnhenbr [62]

Answer:

c) $9,000,000

Explanation:

The cost of good sold = Cost per unit × Quantity sold

  Quantity sold = 300,000, cost per unit = $30

The cost of sold = $30 × 300,000 =  $9,000,000

This can be confirmed as follows:

                                                                  Unit

opening inventory                                     80,000

Production(see note below)                    <u> 340,000</u>

Available or sale                                       420,000

Closing inventory                                    <u>(120,000)</u>

Units sold                                                 <u>300,000</u>        

Cost of units sold = 300,000 × $30 = $9,000,000

Note :

Production budget = sales budget + closing inventory - opening inventory

= 300,000 + 120,000 - 80,000 = 340,000 units

                               

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