omework Help Moonscape has just completed an initial public offering. The firm sold 4 million shares at an offer price of $12 per share. The underwriting spread was $0.40 a share. The price of the stock closed at $18.00 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? (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Costs as percent of funds raised