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Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $ 6 . 7 5 dividend every year in perpetuity. If this issue

Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $6.75 dividend every year in perpetuity. If this issue currently sells for $93 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.,32.16.)

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