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5A (Value and Expected rate of return on preferred stock)

5A (Value and Expected rate of return on preferred stock)

5A (Value and Expected rate of return on preferred stock)FinanceQuestion 3Golden Rod Corp’s preferred stock is currently selling for $46.98. The company pays $7.68 annual dividends on this preferred stock. Which rate of return does the investor expect to receive on this stock if the stock is purchased today? Round the answer to two decimal places in percentage form. 

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