Question 40 (2.5 points) Blue Hills Co. has just gone public. Under a firm commitment agreement, Blue Hills received $23.92 for each of the 9 million shares sold. The initial offering price was $26 per share, and the stock rose to $29.90 per share in the first few minutes of trading. Green Hills paid $1,350,000 in direct legal and other costs and $520,000 in indirect costs. What was the flotation cost as a percentage of funds raised? 25.87% 23.9% 24.72% 26.1% 22.12%