MC algo 15-6 Calculating Flotation Costs Under a firm commitment agreement, Zeke Company went public and received $34.00 for each of the 8.4 million shares sold. The initial offer price was $37 and the stock rose to $40.13. The company paid $560,000 in direct flotation costs and $215,000 in indirect costs. What was the flotation cost as a percentage of funds raised