The Raven Co. has just gone public. Under a firm commitment agreement, Raven received 21.25 for each of the 7 million shares sold. The initial offering price was $22.95 per share, and the stock rose to $26.62 per share in the first few minutes of trading. Raven paid $1,260,000 in direct legal and other costs, and $403,000 in indirect costs. What was the flotation cost as a percentage of funds raised? Multiple Choice 26.69% 17.74% 9.22% 27.75% 25.62%