Assume MicroDrive has preferred stock that pays a $$7$ dividend per share and sells for $$100$ per share. If MicroDrive issued new shares of preferred stock, it would incur an underwriting $($or flotation$)$ cost of $2\mathrm{.}1\%,$ or $$2\mathrm{.}10$ per share. Then, what is MicroDrive's, cost of preferred stock? Round your answer to two decimal place. If your answer is $12\mathrm{.}34567\%,$ please enter $12\mathrm{.}34$ ; if your answer is $1\mathrm{.}23456\%,$ please enter $1\mathrm{.}23.($So no $\%$ sign!$)$