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Potter’s Violin Co. has just issues nonconvertible preferred stock

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Potter’s Violin Co. has just issues nonconvertible preferred stock
with a par value of $100 and an annual dividend rate of 15.57 percent. The preferred stock is currently selling for $92.10 per share. Which rate of return does the investor expect to receive on this stock if the stock is purchased today?

Round the answer to two decimal places in percentage form.

 
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