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The National Bank of California is offering a new account that will allow you to withdraw $40,000 per year (staring at EOY 1) indefinitely (i.e.

The National Bank of California is offering a new account that will allow you to withdraw $40,000 per year (staring at EOY 1) indefinitely (i.e. for ever) If you deposit $600,000 at EOY 0. What is annual ROR on this investment?

Provide the formula you used

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