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English definition of “replacement cost”

replacement cost

noun [C]     ( also cost of replacement)
INSURANCE, FINANCE the amount of money it costs to replace something that is damaged, lost, stolen, etc. with something new: The estimated replacement cost is $800,000. In times of inflation the replacement cost of an asset may be much greater than its original cost.
(Definition of replacement cost noun from the Cambridge Business English Dictionary © Cambridge University Press)
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