You purchased a perpetuity that makes monthly payments. (That is the perpetuity makes payments every month.) The first payment will be received 1 month from today. You paid $125,000 for the perpetuity. The amount of the quarterly payment is $1,150. What is the effective periodic rate that is being earned on the perpetuity. Your answer should shown as a percentage and it should be accurate to two decimal places. Therefore 0.0138546 should be recorded as 1.39.