Professor$$s Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $$34,758\mathrm{.}5,$ the firm will pay the retiring professor $$4,800$ per year for $20$ years.

What is the interest rate on the annuity? $($Do not round intermediate Solve for Interest Rate Annuities $($LO$3)$

Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $$34,758\mathrm{.}5,$ the firm will pay the

retiring professor $$4,800$ per year for $20$ years.

What is the interest rate on the annuity? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

$\%$calculations. Round your answer to $2$ decimal places.$)$