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Connor Publishing's preferred stock pays a dividend of $1.00 per quarter, and it sells for $57.50 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 $57.50 per share. What is its effective annual (not nominal) rate of return?

Select the correct answer.

a. 7.14%

b. 7.73%

c. 6.55%

d. 8.32%

e. 8.91%

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