The Westlands Co. has just gone public. Under a firm commitment agreement, the company received $18.60 for each of the 30 million shares sold. The initial offering price was $19.40 per share, and the stock rose to $22.40 per share in the first few minutes of trading. The company paid $640,000 in direct legal and other costs and $220,000 in indirect costs. What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Flotation cost