Batman Enterprises has just completed an initial public offering. The firm sold $2,900,000$ new shares at an offer price of $$10\mathrm{.}50$ per share. The underwritering spread was $$0\mathrm{.}93$ a share. The firm incurred $$425,000$ in legal, administrative, and other costs.

What was the cost to the firm of the underwriting spread?

$2697000$

Correct response: $2,697,000$

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Suppose that on the first day of trading, the price of Batman's stock is $$12\mathrm{.}30$ per share. What is the cost to the firm from the underpricing?

$5220000$

Correct response: $5,220,000$

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Given that the cost of the underwriting spread is $$2,697,000$ and the cost of underpricing is $$5,220,000,$ what are the total costs of the issue to the firm as a percentage of the funds raised $($the total amount paid by investors$)?$ Enter your answer as a percentage rounded to two decimal places. Do not include the percentage sign in your answer.