problem $7-8$ valuing preferred stock

Problem $7-8$ Valuing Preferred Stock $[$LO $1]$

Fegley, Incorporated, has an issue of preferred stock outstanding that pays a $$3\mathrm{.}80$ dividend every year, in perpetuity. If this issue currently sells for $$93$ per share, what is the required return?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Required return

$\%$