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There is an issue of 45,000 shares of preferred stock that have a $100 par value and pay 4.70% (perpetual) annual dividends. These shares are

There is an issue of 45,000 shares of preferred stock that have a $100 par value and pay 4.70% (perpetual) annual dividends. These shares are currently trading for $63.51. What is the required return on the preferred stock?

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