Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $$5\mathrm{.}30$ dividend every year, in perpetuity. If this issue currently sells for $$80\mathrm{.}25$ 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