Rascal,Inc.,hasan issue of prefe rred stock outstanding that pays a $8.3 dividend every year in perpetuity. If this issue currently sells for $90.

Rascal,Inc.,hasan issue of prefe rred stock outstanding that pays a $8.3 dividend every year in perpetuity. If this issue currently sells for $90.50 per share,the required return is    ___________  percent. Express in percentage without the % sign, and round it to two decimal places, e.g., 13.45.

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