Problem 7-8 Valuing Preferred Stock [LO 1] Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $6.40 dividend every year, in perpetuity. If this issue currently sells for $80.80 per share, what is the required return? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Required return %