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Solve for Interest Rate Annuities (LO3) Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $55,524.38, the firm

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Solve for Interest Rate Annuities (LO3) Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $55,524.38, the firm will pay the retiring professor $7,300 per year for 15 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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