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Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $ 5 9 , 4 7 0 . 1

Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $59,470.17, the firm will pay the retiring professor $9,200 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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