Problem $8-8$ Valuing Preferred Stock $[$LO$1]$

Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $$5\mathrm{.}35$

dividend every year in perpetuity. If this issue currently sells for $$93$ per share, what is

the required retum? $($Do not round intermediate calculations and enter your answer as

a percent rounded to $2$ decimal places, e$.$g$..3216.)$

Required return