P20-7. Calculating Flotation Costs E The Green Hills Co. has just gone public. Under a firm-commitment agreement, Green Hills received $22.30 for each of the 5 million shares sold. The initial offering price was $24 per share, and the stock rose to $29.30 per share in the first few minutes of trading. Green Hills paid $986,000 in direct legal and other costs and $259,600 in indirect costs. What was the flotation cost as a percentage E of funds raised? (Round the answer to 2 decimal places.) E Flotation cost