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Professor s Annuity Corporation offers a lifetime annuity to retiring professors. For a payment of $ 7 0 , 0 0 0 at age 6

Professors Annuity Corporation offers a lifetime annuity to retiring professors. For a payment of $70,000 at age 65, the firm will pay the retiring professor $350 a month until his death.
If the professors remaining life expectancy is 20 years, what is the monthly interest rate on this annuity?
Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.
What is the effective annual interest rate?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
If the monthly interest rate is 1.00%, what monthly annuity payment can the firm offer to the retiring professor?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

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