Kopell, Inc., has an issue of preferred stock outstanding that pays a $4.50 dividend every year, in perpetuity. If this issue currently sells for $65.90 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 % MacLeod Corporation will pay a dividend of $6.65 per share next year. The company pledges to increase its dividend by 4.5 percent per year, indefinitely. If you require a return of 11.80 percent on your investment, how much will you pay for the company's stock today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Current stock price