A Flood Destroyed an Antique Persian Rug Owned by Mr

question 83

Multiple Choice

A flood destroyed an antique Persian rug owned by Mr. and Mrs. McConnell. The couple purchased the rug for $13,000 fifteen years ago, but its appraised FMV before the flood was $42,500. Unfortunately, their homeowners' insurance policy does not cover flood damage. Compute the McConnells' casualty loss resulting from the flood.

• A) $41,900
• B) $42,000
• C) $13,000
• D) $12,900

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Definitions:

Win-Win Attitude

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