P20-7. Calculating Flotation Costs The Green Hills Co. has just gone public. Under a firm-commitment agreement, Green Hills received $22.90 for each of the 8 million shares sold. The initial offering price was $24 per share, and the stock rose to $29.10 per share in the first few minutes of trading. Green Hills paid $1,004,000 in direct legal and other costs and $264,400 in indirect costs. What was the fiotation cost as a percentage of funds raised? (Round the answer to 2 decimal places.) Flotation cost