American Tire Distributors decided to do an IPO and received $19.84 for each of the 2.12 million shares sold. The initial offering price was $24.40 per share, and American Tire Distributors' stock rose to $25 per share in the first hour of trading. The company paid $626,000 in direct costs and estimates it incurred $105,000 in indirect costs. What were American Tire Distributors' flotation costs as a percentage of the funds it raised in the IPO? Multiple Choice 30.49 percent 29.91 percent 27.85 percent 28.24 percent O 28.60 percent