answer third part of question

Batman Enterprises has just completed an initial public offering. The firm sold 650,000 new shares at an offer price of $16.50 per share. The underwritering spread was $1.27 a share. The firm incurred $375,000 in legal, administrative, and other costs. What was the cost to the firm of the underwriting spread? 825500 Correct response: 825,500 Click "Verify" to proceed to the next part of the question. Suppose that on the first day of trading, the price of Batman's stock is $20.90 per share. What is the cost to the firm from the underpricing? 2860000 Correct response: 2,860,000 Click "Verify" to proceed to the next part of the question. Given that the cost of the underwriting spread is $825,500 and the cost of underpricing is $2,860,000, what are the total costs of the issue to the firm as a percentage of the funds raised? Enter your answer as a percentage rounded to two decimal places. Do not include the percentage sign in your answer. Number Click "Verify" to proceed