Problem $15-4$ Calculating Flotation Costs $[$LO $3]$

The Telwar Company has just gone public. Under a firm commitment agreement, the company received $$32\mathrm{.}40$ for each of the $4\mathrm{.}14$ million shares sold. The initial offering price was $$34\mathrm{.}80$ per share, and the stock rose to $$41\mathrm{.}80$ per share in the first few minutes of trading. The company paid $$909,000$ in legal and other direct costs and $$258,000$ in indirect costs. What was the flotation cost as a percentage of funds raised?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$