The Sugarland Co. has just gone public. Under a firm commitment agreement, the company received $32.90 for each of the 4.19 million shares sold. The initial offering price was $35.30 per share, and the stock rose to $42.80 per share in the first few minutes of trading. The company paid $914,000 in legal and other direct costs and $268,000 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.)