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Mackery, Inc., has an outstanding issue of preferred stock that pays a $7.84 dividend every year. If this issue currently sells for $83.11 per share,

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Mackery, Inc., has an outstanding issue of preferred stock that pays a $7.84 dividend every year. If this issue currently sells for $83.11 per share, what return to market investors require on it currently? (Do not include the percen sign (\%). Round your answer to 2 decimal places (e.g., 32.16).)

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