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Determine the required rate of return for preferred stock (Kpfd) which has a 24.3% dividend, a market price of $31.05 and a par value of

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Determine the required rate of return for preferred stock (Kpfd) which has a 24.3% dividend, a market price of $31.05 and a par value of $8.00 (Enter your answer as a percent with 2 decimal places but without the % symbol. For example, if you compute 25.00%, enter 25.00)

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