Lane, Inc., has an issue of preferred stock that pays a $$3\mathrm{.}75$ dividend every quarter in perpetuity. If this stock currently sells for $$92,$ what is the effective annual required return? $($Round your answer to $2$ decimal places and report as a percent. $($e$.$g$.,32\mathrm{.}16\%)$

HINT: Don't forget to use an annual effective interest rate, not a quarterly rate or an APR.

Required $\%$

return