What is the yield or return on this preferred stock

Reference no: EM133615939

Problem: Tenga Corp. has outstanding borrowings. One of these borrowings is nonconvertible preferred stock (cumulative) with a par value of $85 and an annual dividend rate of 6.20%. This preferred stock is currently selling for $56.50 per share. What is the yield or return (r) on this preferred stock?

Reference no: EM133615939

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