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Connor Publishing's preferred stock pays a dividend of $1.00 per quarter, and it sells for $40.00 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 $40.00 per share. What is its effective annual (not nominal) rate of return?

Select the correct answer.

a. 8.97%

b. 9.44%

c. 10.85%

d. 10.38%

e. 9.91%

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