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PCmust is a computer company which saw a large expansion in its business, earnings since its establishment. In 2021, its owners decided to get listed in the NYSE. The final prospectus specifies that the offerings is for 4,500,000 ordinary shares, all at an offer price of $250.23 per share. The appointed principal underwriter of the IPO is Barclays. The underwriter requires a gross spread ratio of 15%. PCmust also incurred other direct costs of $1,010,000 and indirect costs of $1,520,000. On its first trading day, PCmust share price closed at $260.17. a. Calculate the floatation costs as a percentage of the net capital raised. (10 marks)