Moonscape has just completed an initial public offering. The firm sold $1$ million shares at an offer price of $$10$ per share. The underwriting spread was $$0\mathrm{.}70$ a share. The price of the stock closed at $$15\mathrm{.}00$ per share at the end of the first day of trading. The firm incurred $$100,000$ 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 founded to $2$ decimal places.

Answer is complete but not entirely correct.

Flotation cost as percent of funds raised?