ANSWER PART $3!!$ Batman Enterprises has just completed an initial public offering. The firm sold $2,400,000$ new shares $($the primary offering$).$ In addition, existing shareholders sold $100,000$ shares $($the secondary issue$).$ The new shares were offered to the public at $$16\mathrm{.}00$ per share and underwriters received a spread of $$1\mathrm{.}46$ a share. The legal, administrative, and other costs were $$225,000$ and were split proportionately between the company and the selling stockholders.

ow much money did the company receive before paying its proportion of the direct costs?

$34896000$

Cforrect response: $34,896,000$

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Suppose that on the first day of trading, the price of Batman's stock is $$20\mathrm{.}40$ per share. What is the cost to the firm from the underpricing?

$10560000$

Correct response: $10,560,000$

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Given that the company receives $$34,896,000$ from the issue before paying the direct costs and that the cost from underpricing is $$10,560,000,$ what are the total costs of the issue to the firm as a percentage of the funds raised $($the total amount paid by investors for the company's portion of the shares$)?$ Enter your answer as a percentage. Do not include the percentage sign in your answer.