The American investment bank Goldman Sachs went public in 1999. The underwriters acquire a total of 69 million shares for $64.00 and sold them to the public at an offering price of $64.00. The firm also paid a total of 9.2 million in legal fees and other costs. By the end of the first day's trading Goldman Sachs prices had risen to $70.00.

A) what were the direct costs of the issue

B) what were the costs of underpricing

C) what were the flotation costs as a proportion of the market value of the shares