Wallace container company issued 100 per value preferred, Financial Management

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Wallace container company issued 100 per value preferred

Wallace Container Company issued $100 per value preferred stock 10 years ago. The stock provided a 9 percent yield at the time of issue. The preferred stock is now selling for $68.

What is the current yield or cost of the preferred stock? (Disregard flotation costs.) (Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places).

Current yield _____________%

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