Helen's husband recently passed away. The life insurance company is offering her a lump-sum payout of $250,000 today, or month-end payments of $1,585 for 20 years.

a) What monthly compounded and effective rate is the life insurance company using in its calculations?

b) Helen thinks she can take the lump sum and invest it herself at 4.75% effectively. How much will her monthly payment increase?

(Please add what numbers you would put into calculator ex: n=, p/y=, c/y= i/y=, pmt=, fv=, pv=)