Solve for payment (Professor annuity) Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $98,863.74, the firm will pay the retiring professor a set amount of money per year for 15 years. If the interest rate on the annuity is 7.5%, then what are the annual payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.)