Question: Dont round use four decimal places until the final answer. Nicks Enchiladas Inc. has preferred stock outstanding that pays a dividend of $9.50 at the

Dont round use four decimal places until the final answer.

Nicks Enchiladas Inc. has preferred stock outstanding that pays a dividend of $9.50 at the end of each year. The preferred sells for $85 a share. What is the stocks required rate of return?

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