Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $80,000 at age 65, the firm will pay the retiring professor $600 a month until death. a. If the professor's remaining life expectancy is 20 years, what is the monthly rate on this annuity? (Round your answer to 4 decimal places.) The monthly rate on the annuity 0.548 What is the effective annual rate? (Round your answer to 3 decimal places.) The effective annual rate 6.78 What is the APR? (Round your answer to 4 decimal places.) APR 6.5800 b. If the monthly interest rate is 5%, what monthly annuity payment can the firm offer to the retiring professor? (Round your answer to the nearest cent.) PMT $ 573.14