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Consolidated Industries issued preferred stock 10 years ago. The preferred stock has a par value of $1.00 and pays a dividend of $6.50 per share.

Consolidated Industries issued preferred stock 10 years ago. The preferred stock has a par value of $1.00 and pays a dividend of $6.50 per share. It presently sells for $83 per share. Assuming that the market is efficient, what do investors require as a rate of return on this stock? Round off to the nearest .10 percent.

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