The Raven Company has just gone public. Under a firm commitment agreement, Raven received 20.75 for each of the 7 million shares sold. The initial offering price was $22.20 per share, and the stock rose to $29.08 per share in the first few minutes of trading. Raven paid $1,190,000 in direct legal and other costs, and $345,000 in indirect costs. What was the flotation cost as a percentage of funds raised? Multiple Choice O O O 41.64% 33.75% 8.13% 43.31%