Deep Hollow Oil issued 135.000 shares of stock last week. The underwriters charged a spread of 8.25 percent in exchange for agreeing to a firm commitment. The legal and accounting fees amounted to \$418.000 and the company incurred $48,000 in indirect costs. The offer price was $33 a share. Within the first hour of trading, the stock price increased to $36 a share. What was the flotation cost as a percentage of the funds raised? 26.47% 34.20% 28.89% 20.55% 33.87%