Moonscape has just completed an initial public offering. The firm sold $4$ million shares at an offer price of $$10$ per share. The underwriting spread was $$0\mathrm{.}60$ a share. The price of the stock closed at $$14\mathrm{.}00$ per share at the end of the first day of trading The firm incurred $$400,000$ in legal, administrative, and other costs. What were flotation costs as a fraction of funds raised? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Flotation cost as percent of funds raised