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Professor s Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $ 3 5 0 , 0 0 0 at age

Professor

s Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $

350, 000

at age

65,

the firm will pay the retiring professor $

2, 800

a month until death. If the professor

s remaining life expectancy is

30

years, what is the monthly rate on this annuity? What is the effective annual rate?

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