Moonscape has just completed an initial public offering. The firm sold $5$ million shares at an offer price of $$8$ per share. The underwriting spread was $$0\mathrm{.}30$ a share. The price of the stock closed at $$12\mathrm{.}00$ per share at the end of the first day of trading. The firm incurred $$500,000$ in legal, administrative, and other costs. What were flotation costs as a fraction of funds raised?