You want to purchase a house: your maximum monthly payment is $2,500, and you also have a
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2. Professor's Annuity Corp. offers a lifetime annuity to retiring professors. For a payment of $300,000 at age 65, the firm will pay the retiring professor $1,800 a month until death. If the professor's remaining life expectancy is 25 years, what is the monthly rate on this annuity? What is the effective annual rate?
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