Problem 1 (20 points) The Green Hills Co, has just gone public. Under a firm commitment agreement, Green Hills received $35.95 for each of the 7.5 million shares sold. The initial offering price was $38.4 per share, and the stock rose to $41.47 per share in the first few minutes of trading. Green Hills paid $2,340,000 in direct legal and other costs and $500,000 in indirect costs. What was the flotation cost as a percentage of funds raised