The Pineapple Co. has just gone public. Under a firm commitment agreement, the company received $15 for each of the 20 million shares sold. The initial offering price was $18 per share, and the stock rose to $20 per share in the first few minutes of trading. The company paid $1,500,000 in legal and other direct costs and $500,000 in indirect costs. What was the flotation cost as a percentage of funds raised? (Please enter your answers in decimal points. For example, if you get 40.89%, please enter 0.4089, keep four decimal points)