Issued nonconvertible preferred stock with par value

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Reference no: EM131311619

Sweet Pea, Inc. has just issued nonconvertible preferred stock with a par value of $100 and an annual dividend rate of 15.23 percent. The preferred stock is currently selling for $98.11 per share. What rate of return will the investor expect to receive on this stock if the stock is purchased today? Round the answer to two decimal places in percentage form.

Reference no: EM131311619

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