3 Yesterday, Deloitte issued 135,000 shares of stock. Deloitte's investment bankers charged a spread of 8.05 percent in exchange for agreeing to a firm commitment. The Company's determined that its regulatory, legal and accounting fees were $418,000 and Deloitte estimates $48,000 in indirect costs. The Company's shares were offered at a price of $33 a share. Within the first hour of trading, Deloitte's stock price increased to $36 a share. What was the flotation cost as a percentage of the funds raised? 00:09:48 Multiple Choice O O 33.03 percent 20.55 percent 28.89 percent