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Farley Inc. has perpetual preferred stock outstanding that sells for $30 a share and pays a dividend of $4.75 at the end of each year.

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Farley Inc. has perpetual preferred stock outstanding that sells for $30 a share and pays a dividend of $4.75 at the end of each year. What is the required rate of return? Round your answer to two decimal places. Oo oo %

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