Calculate the cost of preferred stock based on the following:

The firm will issue $8\%$ preferred stock, which will sell for $$59$ per$-$share. The float costs are expected to be $$2\mathrm{.}3$ per$-$share.

Enter your answer in percentage terms and go out two decimal places $($e$.$g$.$ enter $3\mathrm{.}54$ for $3\mathrm{.}54\%).$