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Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $6.40 dividend every year, in perpetuity. If this issue currently sells for $80.80 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.) Required return %

User Rnystrom
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Answer:

7.92%

Step-by-step explanation:

User Amergin
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