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A preferred stock with a face value of $25 is sold at 95% of its par value. If the annual dividend of the stock is
A preferred stock with a face value of $25 is sold at 95% of its par value. If the annual dividend of the stock is $3, what is the required rate of return on this stock?
Answer in percent format. Round to the nearest hundredth percent. Do not include the percent sign in your answer. (i.e. If your answer were 1.23%, then type 1.23 without a % sign)
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