The Sugarland Co. has just gone public. Under a firm commitment agreement, the company received 32.70 for each of the 4.17 million shares sold. The initial offering price was 35.10 per share, and the stock rose to 42.40 per share in the first few minutes of trading. The company paid 912000 in legal and other direct costs and 264000 in indirect cost. What was the flotation cost as a percentage of funds raised?

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