Live Forever Life Insurance Co. is selling a perpetuity contract that pays $1,000 monthly. The contract currently sells for $105,000.

What is the monthly return on this investment vehicle? (Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Monthly return

% per month

What is the APR? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

APR

%

What is the effective annual return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Effective annual return

%