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Problem 8-8 Valuing Preferred Stock [LO1] Bedeker, Inc., has an issue of preferred stock outstanding that pays a $4.55 dividend every year in perpetuity. If

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Problem 8-8 Valuing Preferred Stock [LO1] Bedeker, Inc., has an issue of preferred stock outstanding that pays a $4.55 dividend every year in perpetuity. If this issue currently sells for $96 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

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