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Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $21,000 at age 70, the firm will pay the retiring professor

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Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $21,000 at age 70, the firm will pay the retiring professor $2,250 a semi-annual until death. If the professor's remaining life expectancy is 10 years, what is effective annual interest rate on this annuity

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