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5. Problem 9.06 (Preferred Stock Valuation) ebook Farley Inc. has perpetual preferred stock outstanding that sells for $48 a share and pays a dividend of

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5. Problem 9.06 (Preferred Stock Valuation) ebook Farley Inc. has perpetual preferred stock outstanding that sells for $48 a share and pays a dividend of $4.50 at the end of each year. What is the required rate of return? Round your answer to two decimal places

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