Betty has just retired. She plans to use her life savings of $A to buy an annuity. She has narrowed her choices to the following three banks:

Bank A:j12 = x%, with monthly payments of RA for 20 years, first payment due in one month

Bank B:j12 = x%, with monthly payments of RB for 18 years, first payment due in one month

Bank C:j12 = x%, with monthly payments of RC for 20 years, the first payment due today

Which of the following is true?

1. RA > RB and RA > RC

2. RA > RB and RA < RC

3. RA < RB and RA > RC

4. RA < RB and RA < RC