Preferred stock outstanding-what is required return

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John, Inc., has an issue of preferred stock outstanding that pays a dividend of $4.95 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.)

Required return % =

Reference no: EM131892257

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