How do i solve this step by step? the book is so confusing.

Ayden, Inc., has an issue of preferred stock outstanding that pays a dividend of $5.95 every year, in perpetuity. This issue currently sells for $94 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.)

Required return

%