Question: Can you explain this general accounting question using accurate calculation methods? Happy Lion, Inc., has an issue of preferred stock outstanding that pays a $4.80

Can you explain this general accounting question using accurate calculation methods?

Happy Lion, Inc., has an issue of preferred stock outstanding that pays a $4.80 dividend every year, in perpetuity. If this issue currently sells for $60.00 per share, what is the required return? (Do not round intermediate calculations and enter the answer as a percent rounded to 2 decimal places.)

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