Solve for payment (Professor annuity) Professor's Annuity Cocp. Offers a lifetime annuity to retiring professors. For a lump payment today of $115,278.41, the firm will pay the retiring professor a set amount of money per year for 25 years. If the interest rate on the annuity is 10%, then what are the annual payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.)