Lane, Inc., has an issue of preferred stock that pays a $5.55 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., 32.16%)) HINT: Don't forget to use an annual effective interest rate, not a quarterly rate or an APR. Required return 6.03 X %