The Telwar Company has just gone public. Under a firm commitment agreement, the company received $15.90 for each of the 25 million shares sold. The initial offering price was $17.50 per share, and the stock rose to $19.40 per share in the first few minutes of trading. The company paid $860,000 in direct legal and other costs and $330,000 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 %