Vlad meets with Diogo, an insurance agent, to discuss purchasing an annuity. Based on the amount he would like to deposit, he receives a quote that will pay $500 per month until death, with a 5-year guarantee period. However, Vlad wants higher payments. Which of the following would lead to higher payments?

i. waiting for a year to purchase the annuity

ii. decreasing the amount of his initial deposit

iii. changing his payments to annual

iv. increasing the duration of the guarantee period

a) i and ii

b) i and iii

c) ii and iv

d) iii and iv