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Professor s Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $ 2 2 5 , 9 7 5

Professors Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $225,975.03, the firm will pay the retiring professor a set amount of money per year for 30 years. If the interest rate on the annuity is 5%, then what are the annual payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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