Skyler industriess preferred stock currently sells for 40, Ask an Expert

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Skyler Industries's preferred stock currently sells for $40 per share. The stock pays an annual dividend of $3.83 per share. The cost of preferred stock, Rp, is ____%. Round your final answer to 2 decimal places (example: enter 12.34 for 12.34%), but do not round any intermediate work in the process. [Note: Correct answer feedback may show more than 2 decimal places, but you should still follow instructions above for entering your answers.]

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Financial Management, Finance

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