Commato Ltd went public last year. Suppose that the underwriters acquired $70$ million shares of Commato Ltd for $$70$ and sold them to the public at an offer price of $$75.$ Assume Commato also paid $$10$ million in legal fees and other costs and that the shares ended the first day of trading at $$89\mathrm{.}00.$

i$.$ What percent of the money raised was absorbed by direct expenses?

ii$.$ What are the net proceeds received?

iii. What is the cost of underpricing?