A hedge fund has a $2$ & $20$ fee structure: $2\%$ of management fee plus $20\%$ incentive fee on fund returns in excess of T$-$Bill rate. In a performance reporting period, the hedge fund yields $29\%$ when the T$-$Bill rate is $3\%.$ What are the fees to the hedge fund managers?

A$.$

$7\mathrm{.}0\%.$

B$.$

$7\mathrm{.}2\%.$

C$.$

$7\mathrm{.}4\%$