Question: Problem 7-8 Valuing Preferred Stock (LO 1) Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $6.10 dividend every year, in

Problem 7-8 Valuing Preferred Stock (LO 1) Smiling Elephant, Inc., has an issue of preferred stock outstanding that pays a $6.10 dividend every year, in perpetuity. If this issue currently sells for $80.65 per share, what is the required return? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Required return %

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