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What would be the expected rate of return on a perpetual preferred stock with a $100 par value, a stated dividend of 9 percent of

What would be the expected rate of return on a perpetual preferred stock with a $100 par value, a stated dividend of 9 percent of par, and a current market price of $70?

a.

9.00%
b.

12.86%
c.

12.02%
d.

6.30%
e.

14.19%

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