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Suppose that you own a boat valued at $100,000. However, there is a 1/4th chance that your boat will be damaged in a given year by a hurricane. The loss in the event of a hurricane is $60,000. You may purchase insurance at rate of per dollar of coverage. Use K to denote the total amount of coverage purchased. where $60,000K0. You are an expected utility maximizer with a utility function: u(c)=ln(c).