Canadian Corporation incurred $2 million for the listing costs and legal fees of its IPO. The issue involved 20 million shares. As a firm commitment written deal, the underwriter agreed to buy the shares at $51 each and resell them to the public at $55 per share. What will be the total flotation costs as a percentage of net funds raised in this deal? a. 8.51% b. 8.06% c. 6.99% d. 9.44%.