The Green Hills Co. has just gone public. Under a firm commitment agreement, Green Hills received $15.50 for each of the 20 million shares sold. The initial offering price was $17.10 per share, and the stock rose to $19.90 per share in the first few minutes of trading. Green Hills paid $620,000 in direct legal and other costs and $210,000 in indirect costs. What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Flotation cost %