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PREFERRED STOCK VALUATION Farley Inc. has perpetual preferred stock outstanding that sells for $32.00 a share and pays a dividend of $4.00 at the end

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PREFERRED STOCK VALUATION Farley Inc. has perpetual preferred stock outstanding that sells for $32.00 a share and pays a dividend of $4.00 at the end of each year. What is the required rate of return? Round your answer to two decimal places

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