Problem 15-4 Calculating Flotation Costs [LO 3] The Sugarland Co. has just gone public. Under a firm commitment agreement, the company received $33.10 for each of the 4.21 million shares sold. The initial offering price was $35.50 per share, and the stock rose to $43.20 per share in the first few minutes of trading. The company paid $916,000 in legal and other direct costs and $272,000 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.)