Question: Problem 11-16 The Meredith Company issued $100 par value preferred shares 10 years ago. The shares provided an 8 percent yield at the time of

Problem 11-16 The Meredith Company issued $100 par value preferred shares 10 years ago. The shares provided an 8 percent yield at the time of issue. Each preferred share is now selling for $75. What is the current yield or cost of preferred stock? (Disregard flotation costs.) (Round the final answer to 2 decimal places.) Yield

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