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Puckett Corp. has just issued nonconvertible preferred stock (cumulative) with a par value of $50 and an annual dividend rate of 7.25%. The preferred stock

Puckett Corp. has just issued nonconvertible preferred stock (cumulative) with a par value of $50 and an annual dividend rate of 7.25%. The preferred stock is currently selling for $38.75 per share. What is the yield or return (r) on this preferred stock?

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