The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $20.35 for each of the 6.52 million shares sold. The initial offering price was $22 20 per share, and the stock rose to $28.71 per share in the first few minutes of trading. The company paid $902,000 in legal and other direct costs and $177,000 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.)