Ina, a single lady, joined Mastertech Inc.'s defined contribution pension plan on January 1, 1976. On December 31, 2006, Ina plans to retire and expects that her pension accumulation will be valued at $243,750. If Ina uses the assets to purchase a single life annuity that begins immediately with payments at the beginning of each month, what monthly income will the pension assets purchase? Assume an annual nominal return of 6%, compounded monthly, and a life expectancy of 30 years.