Issue of preferred stock outstanding

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Reference no: EM131575542

Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $5.40 dividend every year, in perpetuity.

If this issue currently sells for $80.30 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: EM131575542

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