The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $20.85 for each of the 6.57 million shares sold. The initial offering price was $22.70 per share, and the stock rose to $29.21 per share in the first few minutes of trading. The company paid $907,000 in legal and other direct costs and $182,000 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 %