The Collins Co. has just gone public. Under a firm commitment agreement, the company received $33.20 for each of the 4.22 million shares sold. The initial offering price was $35.60 per share, and the stock rose to $43.40 per share in the first few minutes of trading. The company paid $917,000 in legal and other direct costs and $274,000 in indirect costs.
What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Flotation cost percentage:_________%