Self-insurance

Self-insurance is being considered for one portion of a chemical company. The fixed-capital investment involved is $50,000, and insurance costs for complete protection would amount to $400 per year. If self-insurance is used, a reserve fund will be set up under the company’s jurisdiction, and annual insurance premiums of $300 will be deposited in this fund under an ordinary annuity plan. AI1 money in the fund can be assumed to earn interest at a compound annual rate of 5 percent. Neglecting any charges connected with administration of the fund, how much money should be deposited in the fund

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