Question:Problem 9-6 Preferred stock valuationFee Founders has perpetual preferred stock outstanding that sells for $30....

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Question:

Problem 9-6
Preferred stock valuation

Fee Founders has perpetual preferred stock outstanding that sells for $30.00 a share and pays a dividend of $3.00 at the end of each year. What is the required rate of return? Round your answer to two decimal places.

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