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Solve for Interest Rate Annuities (LO3) Professor's Annulty Corp. offers a lifetime annulty to retiring professors. For a lump payment today of $51,326.52, the firm

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Solve for Interest Rate Annuities (LO3) Professor's Annulty Corp. offers a lifetime annulty to retiring professors. For a lump payment today of $51,326.52, the firm will pay the retiring professor $8,200 per year for 20 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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