Reena, a student, has a net worth of $30,000, all in her car, and has a utility function given by the expression U(w) = ln(w+1), where w is dollars of wealth. If she assesses that there is a 1% of a total write-off accident of the car, what is the most she would be willing to pay for full insurance? You may assume no loss the other 99% of the time that the car is not totaled.

$0

$1

$300

$2,938.72

$27,062.28

Please show all the work