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Problem 9.06 (Preferred Stock Valuation) Question 13 of 20 Check My Work (3 remaining) eBook Farley Inc. has perpetual preferred stock outstanding that sells for

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Problem 9.06 (Preferred Stock Valuation) Question 13 of 20 Check My Work (3 remaining) eBook Farley Inc. has perpetual preferred stock outstanding that sells for $34 a share and pays a dividend of $2.00 at the end of each year. What is the required rate of return? Round your answer to two decimal places

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