High Mountain Gear issued 385,000 shares of stock last week. The underwriters charged a spread of 7.2 percent in exchange for agreeing to a firm commitment. The legal and accounting fees were $302,000. The company incurred $39,000 in indirect costs. The offer price was $17 a share. Within the day of of trading, the stock was selling for $18.80 a share. What was the flotation cost as a percentage of the funds raised? A. 31.90 percent B. 35.78 percent C. 32.51 percent D. 26.26 percent E. 29.08 percent