The Raven Co. has just gone public. Under a firm commitment agreement, Raven received 20.25 for each of the 8 million shares sold. The initial offering price was $21.26 per share, and the stock rose to $27.00 per share in the first few minutes of trading. Raven paid $1,440,000 in direct legal and other costs, and $446,000 in indirect costs. What was the flotation cost as a percentage of funds raised? (Do not round your intermediate calculations.)

34.90%

36.30%

28.96%

33.51%

6.22%