Al Generation just went public. The firm sold two million shares at an offer price of \\( \\$ 50 \\) per share. The underwriting spread was \\( \\$ 3 \\) a share. The price of the stock closed at \\( \\$ 60 \\) per share at the end of the first day of trading. The firm incurred \\( \\$ 500,000 \\) in legal, administrative, and other costs. What were direct flotation costs as a fraction of funds raised? \10. \6.50. \20. \26.50. \5. Al Generation just went public. The firm sold two million shares at an offer price of \\( \\$ 50 \\) per share. The underwriting spread was \\( \\$ 3 \\) a share. The price of the stock closed at \\( \\$ 60 \\) per share at the end of the first day of trading. The firm incurred \\( \\$ 500,000 \\) in legal, administrative, and other costs. What were direct flotation costs as a fraction of funds raised? \10. \6.50. \20. \26.50. \5