Problem 15-7 Calculating Flotation Costs [LO 3] The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $20.75 for each of the 6.56 million shares sold. The initial offering price was $22.60 per share, and the stock rose to $29.11 per share in the first few minutes of trading. The company paid $906,000 in legal and other direct costs and $181,000 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 %