The Raven Co. has just gone public. Under a firm commitment agreement, Raven received $17.60 for each of the 10 million shares sold. The initial offering price was $18.20 per share, and the stock rose to $22.50 per share in the first few minutes of trading. Raven paid $720,000 in direct legal and other costs and $260,000 in indirect costs.
What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)