An individual wishes to use an inheritance of 100,000 to purchase a five year annuity. Assuming an interest rate of 5% per annum calculate the first annuity payment that the individual would receive under the following three options:

- A level annuity payable monthly in arrears for five years.

- An annuity payable annually in arrears which increases by 5,000 at the end of each year for five years.

- An annuity payable annually in arrears which increases at a constant compound rate of 3% per annum for five years.