You have a policy with a cash value of $250,000 which you wish to annuitize. You are currently 62 years-old and your spouse is 58. Interest rates are 5% per year, and you are considering receiving monthly payments under three options.

In option 1, you will receive 10 years of monthly payments.

With option 2, you will receive a monthly payment until you die, which is expected to be in 14 years.

With option 3, you will receive a monthly payment until both you and your spouse die. Your spouse is expected to outlive you by 8 years.

How much will you receive per month with each option (ignoring administrative costs and fees)?