Bedeker, Inc., has an issue of preferred stock outstanding that pays a $3.75 dividend every year in perpetuity. If this issue currently sells for $92 per share, what is the required return? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Required return % Dog Up! Franks is looking at a new sausage system with an installed cost of $530,000. This cost will be depreciated straight-line to zero over the project's five-year life, at the end of which the sausage system can be scrapped for $87,000. The sausage system will save the firm $168,000 per year in pretax operating costs, and the system requires an initial investment in net working capital of $33,500. If the tax rate is 25 percent and the discount rate is 13 percent, what is the NPV of this project? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) NPV