John purchases a life annuity at age 80 with 200,000 remaining in his LIF. The annuity payments are based on John living another 8 years and a fixed return of 4.25% compounded annually. If the payments are to be made at the end of every month, what will the monthly amount be?
a) 3,553
b) 2,454
c) 2,461
d) 2,565