Canadian Corporation incurred $4 million for the floatation costs and legal fees of its IPO. The issue involved 17 million shares. As a firm commitment written deal, the underwriter agreed to buy the shares at $50 each and resell them to the public at $54 per share. What will be the percentage of direct costs required in this deal?

a. 21.76% b. 15.01% c. 5.60% d. 13.33%