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3. Problem 9.06 (Preferred Stock Valuation) ER eBook Farley Inc. has perpetual preferred stock outstanding that sells for $46 a share and pays a dividend

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3. Problem 9.06 (Preferred Stock Valuation) ER eBook Farley Inc. has perpetual preferred stock outstanding that sells for $46 a share and pays a dividend of $3.00 at the end of each year. What is the required rate of return? Round your answer to two decimal places. %

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