Maybepay Life Insurance Co. is selling a perpetual annuity contract that pays $2,600 monthly. The contract currently sells for $330,000.
Requirement 1:
What is the monthly return on this investment vehicle? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
Requirement 2:
What is the APR? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
Requirement 3:
What is the effective annual return? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)