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Excellent Services has preferred stock with a par value of $30 and an annual 2.75% cumulative dividend. An investor is willing to pay $8 for

Excellent Services has preferred stock with a par value of $30 and an annual 2.75% cumulative dividend. An investor is willing to pay $8 for this preferred stock. What yield or rate of return is this investor seeking for the investment? Show all work and formula(s) clearly.

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