Kyle hires Wilson Investment Bankers to sell the preferred stock from Problem $7.$ Wilson charges a fee of $3\%$ on the sale of preferred stock. What is the cost of preferred'stock for Kyle using the investment banker?

$9\mathrm{.}05\%$

$8\mathrm{.}08\%$

$7\mathrm{.}59\%$

$7\mathrm{.}73\%$

$8\mathrm{.}44\%$