3. Michelle receives an inheritance lump sum of 50,000 on her 15th birthday. It is agreed to invest the lump sum in a fund earning a fixed rate of return of 4% p.a. until Michelle reaches the age of 20 exact. At that time, she will receive the inheritance in the form of a level annuity certain payable monthly in advance for a term of 10 years. a) Calculate the monthly payment to Michelle from age 20. Assume an interest rate of 4% p.a. effective. On her 25th birthday Michelle agrees to defer all future payments of the inheritance for a further 2 years and to then receive the remaining inheritance in the form of a level annuity certain payable weekly until exact age 30. b) Approximate the weekly annuity payments as a continuous annuity and hence calculate the weekly amount payable to Michelle in this case. Assume an interest rate of 4% p.a. effective