Issue of preferred stock outstanding-what is required return

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Reference no: EM131520968

Smiling Elephant. Inc.. has an issue of preferred stock outstanding that pays a $5.80 dividend every year, in perpetuity. If this issue currently sells for $80.50 per share, what is the required return? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Required return %

Reference no: EM131520968

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