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A company has issued 117,682.00 shares of preferred stock. The preferred shares have par value of $100.00 and pay a 4.62% dividend per year. The

A company has issued 117,682.00 shares of preferred stock. The preferred shares have par value of $100.00 and pay a 4.62% dividend per year. The shares are currently trading at $78.56 on the secondary market.

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

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