The Collins Co. has just gone public. Under a firm commitment agreement, Collins received $32.10 for each of the 4.11 million shares sold. The initial offering price was $34.50 per share, and the stock rose to $41.20 per share in the first few minutes of trading. Collins paid $906,000 in legal and other direct costs and $252,000 in indirect costs. (Enter your answer as directed, but do not round intermediate calculations.)

Required:

What was the flotation cost as a percentage of funds raised? (Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)