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Forest, Incorporated, has an issue of preferred stock outstanding that pays a $ 6 . 1 5 dividend every year in perpetuity. If this issue

Forest, Incorporated, has an issue of preferred stock outstanding that pays a $6.15 dividend every year in perpetuity. If this issue currently sells for $95 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.,32.16.

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