Bailey's has a preferred share issue outstanding with a current price of $$32\mathrm{.}56$ per share and a par value of $$25.$ The firm is expected to pay a dividend of $$2\mathrm{.}50$ per share a year from today. What would be the cost of issuing new shares of preferred equity? $($Round your final answer to the nearest percentage.$)$

$7\mathrm{.}44\%$

$7\mathrm{.}00\%$

$10\mathrm{.}00\%$

$7\mathrm{.}68\%$