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Preferred Stock Rate of Return Nick's Enchiladas has preferred stock outstanding that pays a dividend of $ 3 at the end of each year. The

Preferred Stock Rate of Return
Nick's Enchiladas has preferred stock outstanding that pays a dividend of $3 at the end of each year. The preferred sells for $35 a share. What is the stock's required rate of return (assume the market is in equilibrium with the required return equal to the expected return)? Round the answer to two decimal places.
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