Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $$5\mathrm{.}50$ dividend every year, in perpetuity. If this issue currently sells for $$80\mathrm{.}35$ per share, what is the required return?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Required return $$

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