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Professor's Annully Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $221,363.29, the firm will pay the retiring professor $14,400

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Professor's Annully Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $221,363.29, the firm will pay the retiring professor $14,400 per year for 30 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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