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Filin Limited is taking their company public. Under this firm commitment offering, Filin will receive $23.75 from the underwriter for each of the 1,100,000 shares

Filin Limited is taking their company public. Under this firm commitment offering, Filin will receive $23.75 from the underwriter for each of the 1,100,000 shares that will be issued. The shares will be offered for sale in the market at $25.25 each. Additional legal fees of $480,000 and indirect costs of $105,000 have been incurred. What are the flotation costs as a percentage of the total funds raised?

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