Maxine is 88 years of age and expects to live 12 more years. She wishes to invest $20,000 in an annuity that will make a level payment at the end of each month until her death. If the interest rate is 8%, what income can Maxine expect to receive each month in the next 12 years?

a) $216.49

b)$2,653.90

c)$1,600.02

d)$138.89