A company invested $880,450 in an account that was providing monthly payments in perpetuity to the community hospital. The account earns 4.75% compounded monthly. What is the monthly payment amount if:

a. the first payment starts at the end of the first month?

b. the first payment starts at the beginning of the first month?

c. the first payment starts three years from now?

d. the first payment starts at the end of the first month and the interest rate is 4.75% compounded quarterly instead of 4.75% compounded monthly?

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