The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $22.05 for each of the 6.69 million shares sold. The initial offering price was $23.90 per share, and the stock rose to $30.41 per share in the first few minutes of trading. The company paid $919,000 in legal and other direct costs and $194,000 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 percentage %