High Mountain Gear issued 200,000 shares of stock last week. The underwriters charged a spread of 4.3 percent in exchange for agreeing to a firm commitment. The legal and accounting fees were $246,980. The company incurred $41,985 in indirect costs. The offer price was $18 a share. Within the day of of trading, the stock was selling for $22.5 a share. What was the flotation cost?