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What is the rate of return being earned on a preferred stock that currently is selling for $47 and pays an annual dividend of $3.50

What is the rate of return being earned on a preferred stock that currently is selling for $47 and pays an annual dividend of $3.50 indefinitely? (Round to 100 th of a percent and enter as a percentage, e.g. 12.34 and state as an annual rate)

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