Michelle receives an inheritance lump sum of 75,000 on her 10th birthday. It is agreed to invest the lump sum in a fund earning a fixed rate of interest of 5% p.a. until Michelle reaches the age of 20 exact. At that time, she will receive the inheritance in the form of a level annuity-certain payable monthly in advance for a term of 15 years. a) Calculate the monthly payment to Michelle from age 20. Assume an interest rate of 5% p.a. effective.