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Professorms Annuity Corp Professor's Annulty Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $14,746.96, the firm will pay the
Professorms Annuity Corp 
Professor's Annulty Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $14,746.96, the firm will pay the retiring professor $2,400 per year for 10 years. What is the interest rate on the annuity? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Step by Step Solution
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
7th edition
978-0133856507, 013385650X, 133856437, 978-0133856439
