What is the monthly rate on the annuity

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Problem: Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $350,000 at age 65, the firm will pay the retiring professor $2,800 a month until death. If the professor's remaining life expectancy is 30 years, what is the monthly rate on this annuity? What is the effective annual rate?

Reference no: EM133665225

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