Carter's preferred stock pays a dividend of $$1\mathrm{.}00$ per quarter. If the price of the stock is $$55\mathrm{.}00,$ what is its nominal $($not effective$)$ annual rate of return?

Carter's preferred stock pays a dividend of $$1\mathrm{.}00$ per quarter. If the price of the stock is $$55\mathrm{.}00,$ what is its nominal $($not effective$)$ annual rate of return?

$6\mathrm{.}91\%$

$8\mathrm{.}07\%$

$7\mathrm{.}27\%$

$6\mathrm{.}04\%$

$8\mathrm{.}36\%$