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Bruner Aeronautics has perpetual preferred stock outstanding with a par value of $100. The stock pays a quarterly dividend of $4, and its current price

Bruner Aeronautics has perpetual preferred stock outstanding with a par value of $100. The stock pays a quarterly dividend of $4, and its current price is $118.

What is its nominal annual rate of return? Round your answer to two decimal places.

What is its effective annual rate of return? Round your answer to two decimal places.

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