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Farley Inc. has perpetual preferred stock outstanding that sells for $44.81 per share and pays a dividend of $3.47 at the end of each year.

Farley Inc. has perpetual preferred stock outstanding that sells for $44.81 per share and pays a dividend of $3.47 at the end of each year. What is the required rate of return on Farley's preferred stock? State your answer as a percentage to 2 decimal places. Do not include the % symbol.

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