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Problem 8-18 Fox Woodworking Inc. issued preferred shares at a face value of $54 to yield 8% 10 years ago. The shares are currently selling

Problem 8-18

Fox Woodworking Inc. issued preferred shares at a face value of $54 to yield 8% 10 years ago. The shares are currently selling at $61. What return are they earning for investors who buy them today? Round the answer to two decimal places.

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