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A company has issued preferred stock with an annual dividend of $3.31 that will be paid in perpetuity. The current price of the stock is

A company has issued preferred stock with an annual dividend of $3.31 that will be paid in perpetuity. The current price of the stock is $43.47. What is the expected rate of return on the preferred stock? Enter your answer as a percentage. Do not include the percentage sign in your answer.

Enter your response below rounded to 2 DECIMAL PLACES.

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