According to the question, the following information about Fee Founders preferred stock is given -

Current market price of perpetual preferred stock = $191

Dividend paid on perpetual preferred stock at the end of the year = $5

As we know that, the Required rate of return on perpetual preferred stock = (Dividend at the end of the year ÷ Current price of the stock) × 100

Therefore, the Required rate of return on Fee Founders outstanding perpetual preferred stock will be -

Required rate of return = ( $5 ÷ $191 ) × 100

= 2.62%

Thus, the Required rtae of return on Fee Founders outstanding perpetual preferred share will be 2.62% (approx).