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Lerman Company has preferred stock outstanding. It pays an annual dividend of $20. If its current price is $70, what is the discount rate investors

Lerman Company has preferred stock outstanding. It pays an annual dividend of $20. If its current price is $70, what is the discount rate investors are using to value the stock? (Round answer to 2 decimal places, e.g. 52.75.)

Discount rate

%
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