A firm's preferred stock pays an annual dividend of $$8,$ and the stock sells for $$84.$ Flotation costs for new issuances of preferred stock are $4\%$ of the stock value. What is the after$-$tax cost of preferred stock if the firm's tax rate is $32\%?$

Note: Round your answer to $2$ decimal places.

Multiple Choice

$12\mathrm{.}07$

$8\mathrm{.}57$

$9\mathrm{.}92$

$11\mathrm{.}37$