Evaluating the preferred stock required rate of return

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Question: Columbus Pet Products has preferred stock outstanding which pays a dividend of $ 3 at the end of each year. The preferred stock sells for $ 41.22 a share. What is the preferred stock's required rate of return? Answer in a percentage and round it to two decimal places, i.e., 13.24 for 0.1324.

Reference no: EM131794708

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