A company has issued 104,948.00 shares of preferred stock. The preferred shares have par value of $100.00 and pay a 4.28% dividend per year. The shares are currently trading at $86.40 on the secondary market.

What is the required return that investors seek based on the current price?

Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))