Renee is considering the purchase of an annuity with half of her RRSP funds. Renee has been told that for $145000 she could receive a no guarantee life annuity based on her single life that pays $1400 per month indexed for inflation. Assuming that Renee does not change the amount of capital used to purchase the annuity, which of the following changes will typically increase the monthly income that Renee has been quoted (look at each change in isolation of any other change)

a. Remove the feature that indexes for inflation protection

b. Add a guarantee period of 10 years

c. Adding Renee’s spouse so the plan is established as a joint and last survivor

d. Add a guarantee period of 5 years