The Raven Company has just gone public. Under a firm commitment agreement, Raven recelved 19.50 for each of the 6 million shares sold. The initial offering price was $20.28 per share, and the stock rose to $27,38 per share in the first few minutes of trading. Raven paid $900,000 in direct legal and other costs, and $243,000 in indirect costs. What was the flotation cost as a percentage of funds raised? Multiple Choice 41.80% 36.98% 503% 43.47% 4012%