The Telwar Company has just gone public. Under a firm commitment agreement, the company recelved $33.40 for each of the 4.24 million shares sold. The initial offering price was $35.80 per share, and the stock rose to $43.80 per share in the first few minutes of trading. The company paid $919,000 in legal and other direct costs and $278,000 in indirect costs. What was the flotation cost as a percentage of funds raised? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16