Larry and John purchased a warehouse property for $1,504,000 that they are going to lease to severalbusinesses, including a computer repair business. The property provides a net income of $4000 at the beginning of every month. What is the monthly compounded annual yield earned by theproperty?

The annual yield earned is _____ % compounded monthly.

(Round the final answer to the two decimal places as needed. Round all intermediate values to six decimal places asneeded.)