Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $$4\mathrm{.}55$ dividend every year in perpetuity. If this issue currently sells for $$96$ per share, what is the required return? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Required return

$\%$