Greenex Inc.'s option-free perpetual preferred stock is currently selling in the market for $945.63. The annual dividend rate is quoted at 5.5% and the par value of the stock is $1,000. If the stock is fairly valued, what should the required rate of return be? Answer as a percentage to two decimal places.
current_price = 945.63
par_value = 1000.0
dividend_rate = 0.055
required_rate = (dividend_rate * par_value) / current_price
round(required_rate * 100, 2)