ces Problem 8-8 Valuing Preferred Stock [LO1] Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $5.35 dividend every year in perpetuity. If this issue currently sells for $93 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 %