Batman Enterprises has just completed an initial public offering. The firm sold 2,700,000 new shares at an offer price of $17.50 per share. The underwritering spread was $0.87 a share. The firm incurred $325,000 in legal, administrative, and other costs.

Given that the cost of the underwriting spread is $2,349,000 and the cost of underpricing is $10,800,000, 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.