Math The Bowman Co. is considering self-insuring its vehicles rather than purchasing an insurance policy. It examined three years of losses and listed the costs of vehicle repairs for the three years.

a. What is the minimum and maximum annual cost of repairs?

b. What is the average annual cost of repairs for the three years?

c. If the company wants a one-year balance in the self-insurance account that is 10 percent higher than the highest annual cost of repairs, how much should it save each month?

Year 1 $3,584 $1,215 $794 $5,820 Year 2 $2,505 $13,582 $1,035 Year 3 $450 $4,267 $6,024 $1,995