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Connor Publishing's preferred stock pays a dividend of $1.00 per quarter, and it sells for $50.00 per share. What is its effective annual (not nominal)

Connor Publishing's preferred stock pays a dividend of $1.00 per quarter, and it sells for $50.00 per share. What is its effective annual (not nominal) rate of return?

Select the correct answer.

a. 8.84%

b. 8.64%

c. 8.44%

d. 8.24%

e. 9.04%

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