A tech company plans to issue some $$30$ par preferred stock with a $7\%$ dividend. The stock is selling on the market for $$33,$ and the company must pay flotation costs of $5\%$ of the market price. What is the cost of the preferred stock?

options:

$5\mathrm{.}79$ percent

$5\mathrm{.}50$ percent

$7$ percent

$6\mathrm{.}70$ percent