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5 Assignment 0 Saved Problem 15-7 Calculating Flotation Costs [LO 3] The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $21.25 for each of the 6.61 million shares sold. The initial offering price was $23.10 per share, and the stock rose to $29.61 per share in the first few minutes of trading. The company paid $911,000 in legal and other direct costs and $186,000 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 96