The Telwar Company has just gone public. Under a firm commitment agreement, the company received $$32\mathrm{.}70$ for each of the $4\mathrm{.}17$ million shares sold. The initial offering price was $$35\mathrm{.}10$ per share, and the stock rose to $$42\mathrm{.}40$ per share in the first few minutes of trading. The company paid $$912,000$ in legal and other direct costs and $$264,000$ in indirect costs. What was the flotation cost as a percentage of funds raised?