Solve for Interest Rate Annuities $($LO$3)$

Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a lump payment today of $$16,673\mathrm{.}81,$ the firm will pay the retiring professor $$2,200$ per year for $25$ years.

What is the interest rate on the annuity? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

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