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6. Problem 9.06 (Preferred Stock Valuation) eBook Farley Inc. has perpetual preferred stock outstanding that sells for $36 a share and pays a dividend of

6. Problem 9.06 (Preferred Stock Valuation)

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Farley Inc. has perpetual preferred stock outstanding that sells for $36 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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