The Raven Co. has just gone public. Under a firm commitment agreement, Raven received $19.00 for each of the 25 million shares sold. The initial offering price was $21.70 per share, and the stock rose to $22.70 per share in the first few minutes of trading. Raven paid $880,000 in direct legal and other costs and $340,000 in indirect costs. What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Flotation cost