A policyholder places $8,000 per year into her insurance policy starting when she turns 40 years old. She plans on retiring at the age of 66 and the insurer is guaranteeing a 3% rate of return indefinitely. If she converts the cash value of the policy into a fixed annuity when she retires, how much will she receive monthly if she sets the following fixed number of years for the annuity?

10

15

20