Bellevue Co. has just gone public. Under a firm commitment agreement, the company received $17.40 for each of the 20 million shares sold. The initial offering price was $19.50 per share and the stock rose to $21.60 per share in the first few minutes of trading. The company paid $600,000 in direct legal and other costs and $200,000 in indirect costs. What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)