Issue of preferred stock outstanding

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Reference no: EM132009049

Moraine, Inc., has an issue of preferred stock outstanding that pays a $5.95 dividend every year in perpetuity. If this issue currently sells for $94 per share, what is the required return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM132009049

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