A company has preferred stock that can be sold for $$15$ per share. The preferred stock pays an annual dividend of $3\%$ based on a par value of $$100.$ Flotation costs associated with the sale of preferred stock equal $$1$ per share. The company's marginal tax rate is $40\%.$ Therefore, the cost of preferred stock is:

Group of answer choices

$12\mathrm{.}84\%$

$21\mathrm{.}4\%$

$20\mathrm{.}0\%$

$12\mathrm{.}0\%$