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Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $64,446.98, the firm will pay the retiring professor $7100

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Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $64,446.98, the firm will pay the retiring professor $7100 per year for 25 years. What is the interest rate on the annuity? (Do not round intermediate calculations. Round your answer to 2 decimal places.) %

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