The Sugarland Co. has just gone public. Under a firm commitment agreement, the company received $33.70 for each of the 4.27 million shares sold. The initial offering price was $36.10 per share, and the stock rose to $44.40 per share in the first few minutes of trading. The company paid $922,000 in legal and other direct costs and $284,000 in indirect costs. What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)