The Raven Company has just gone public. Under a firm commitment agreement, Raven received 21.75 for each of the 8 million shares sold. The initial offering price was $24.36 per share, and the stock rose to $30.45 per share in the first few minutes of trading. Raven paid $960,000 in direct legal and other costs, and $269,000 in indirect costs. What was the flotation cost as a percentage of funds raised? Multiple Choice 41.00% 28.35\% 12.80% 42.64%