With specific process, not excel

In its IPO, 1 million company shares were issued at a price of $28 per share. The underwriter's fee for the offering was 10% of gross proceeds and the issuer incurred direct out-of-pocket costs of $400,000. In the aftermarket on the first day of trading the closing share price was $30. What was the total issue cost as a percent of the issuers proceeds net of all costs? (5 points)