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PQR, Inc., has an issue of preferred stock outstanding that pays a $3.21 dividend every year, in perpetuity. If this issue currently sells for $31.28

PQR, Inc., has an issue of preferred stock outstanding that pays a $3.21 dividend every year, in perpetuity. If this issue currently sells for $31.28 per share, what is the required return in percent? Answer to two decimals. (no excel)

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