Solve for Interest Rate Annuities (L03) Professor's Annulty Corp. offers a lifetime annuity to retiring...
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Solve for Interest Rate Annuities (L03) Professor's Annulty Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $106,201.37, the firm will pay the retiring professor $11,700 per year for 25 years. What is the interest rate on the annuity? (Do not round Intermediate calculations. Round your answer to 2 decimal places.)
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