The Sugarland Co. has just gone public. Under a firm commitment agreement, the company received $33.30 for each of the 4.23 million shares sold. The initial offering price was $35.70 per share, and the stock rose to $43.60 per share in the first few minutes of trading. The company paid $918,000 in legal and other direct costs and $276,000 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.) Flotation cost percentage