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Hanebury Manufacturing Company (HMC) has preferred stock outstanding with a par value of $50. The stock pays a quarterly dividend of $1.25 and has a

Hanebury Manufacturing Company (HMC) has preferred stock outstanding with a par value of $50. The stock pays a quarterly dividend of $1.25 and has a current price of $71.43. What is the effective annual rate of return on the preferred stock?

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