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Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $4.90 dividend every year, in perpetuity. If this issue currently sells for
Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $4.90 dividend every year, in perpetuity. |
If this issue currently sells for $80.05 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.) |
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