Professors Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $77,000 at age 65, the firm will pay the retiring professor $525 a month until death. a. If the professors remaining life expectancy is 15 years, what is the monthly rate on this annuity? What is the effective annual rate? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Monthly rate on annuity % Effective annual rate % b. If the monthly interest rate is .75%, what monthly annuity payment can the firm offer to the retiring professor? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly annuity payment $