Moonscape has just completed an initial public offering. The firm sold 3 million shares at an offer price of $8 per share. The underwriting spread was $0.30 a share. The price of the stock closed at $12.00 per share at the end of the first day of trading. The firm incurred $300,000 in legal, administrative, and other costs. What were flotation costs at a fraction of funds raised? ( Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Costs as percent of funds raised = _____________%