Question: Problem 7-04 Preferred Stock Valuation Nick's Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The

Problem 7-04 Preferred Stock Valuation Nick's Enchiladas Incorporated has preferred stock outstanding that pays a dividend of $5 at the end of each year. The preferred sells for $30 a share. what is the stock's required rate of return (assume the market is in equilibrlum with the required return equal to the expected return)? Round the answer to two decirmal places

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