Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $$5\mathrm{.}10$ dividend every year, in perpetuity.

If this issue currently sells for $$80\mathrm{.}15$ 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$.,32\mathrm{.}16.)$

Required return