12. Orbital Sciences has recently entered public trading through an IPO. The company received $20.67 per share for each of the 15 million shares it sold. The underwriters priced the offering to the public at $22.00 per share. The stock rose immediately to $26.18 as soon as it became traded. Orbital paid $900,000 in direct costs to its law firm and accounting firm due to the offering and incurred indirect costs of $320,000 through opportunity costs of its own employees who were involved in the offering. What was the cost of the offering as a percentage of funds raised