The Raven Co. has just gone public. Under a firm commitment agreement, Raven received $18.80 for each of the 10 million shares sold. The initial offering price was $19.60 per share, and the stock rose to $22.00 per share in the first few minutes of trading. Raven paid $760,000 in direct legal and other costs and $280,000 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

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