please verify the answer$-$The Old Town Bank is planning on raising $$292,228$ million in a new offering of commercial paper through its holding company. It plans on using $$195,830$ million of it to fund new loans. The current interest rate for similar commercial paper is $7\%$ and it expects $0\mathrm{.}19\%$ in issuing costs. What is the effective cost rate of interest on this issue of commercial paper?

Type your answer as percentage and not as decimal $($i$.$e$.5\mathrm{.}2$ and not $0\mathrm{.}052).$ Round your solution to the nearest three decimals if needed. Do not type the $\%$ symbol.