[Solved] Professor s Annuity Corp. offers a lifeti

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Professor s Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $ 1 3 8 , 1 2 0

Professor

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

138, 120.66,

the firm will pay the retiring professor $

9, 800

per year for

25

years.

What is the interest rate on the annuity?

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