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A company's preferred stock pays an annual dividend of $8.00 per share. When issued, the shares sold for their par value of $100 per share.

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A company's preferred stock pays an annual dividend of $8.00 per share. When issued, the shares sold for their par value of $100 per share. What is the current yield on the preferred stock if the current price is $120 per share? 12.0% O 9.6% O 5.8% O 4.0% 6.7%

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