Your hedge fund has been offered the opportunity to invest in a financial security that pays $400/month for every unit of the security purchased. The seller states that the payment will be made in perpetuity. Your boss says that the monthly discount rate for such an investment should match a 12% APR. Each unit of this security is currently selling for $50,000. What APR does this investment actually feature? (Hint: think about internal rates of return)

Please Provide your answer in percent form to the nearest hundredth without the % sign (X.XX% should be entered as X.XX, not 0.0XXX or X.XX%).