Alfonso, who is aged sixty-seven wants to convert the $250,000 in the savings accumulated in his LIRA into an annuity He also wishes to receive a retirement income in the form of monthly payments. Alfonso's wife, Clara, would like the annuity to also provide monthly income to her in the event of Alfonso's death. Which type of annuity would best suit their needs? Select one: a. A joint and survivor annuity. b. A life annuity on Alfonso's life with a twenty-year guarantee period. c. A life annuity with no guarantee period. d. A life annuity on Clara's life with a twenty-year guarantee period