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Smiling Elephant Inc

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Smiling Elephant Inc., has an issue of preferred stock outsMnding that pays a $5.30 dividend every year, in perpetuity. 
If this issue currently sells for $8025 per share, what is the required return? (Do nit round intermedia. calcul.ons a. enter your answer as a percent round. W 2 decimal places, e.g., MAO.) 
r 1%