You retire at age 59 and decide to wait until age 70 to begin receiving Social Security payments. (Why? Because waiting until age 70 maximizes your Social Security payments.) In the meantime, you have a nest egg of $500,000 that you will use to purchase an annuity that will end when you turn 70. If the annuity has an APR of 9%, what is the monthly annuity yield? (Round your answer to the nearest cent.)

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