The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $21.65 for each of the 6.65 million shares sold. The initial offering price was $23.50 per share, and the stock rose to $30.01 per share in the first few minutes of trading. The company paid $915,000 in legal and other direct costs and $190,000 in indirect costs. What was the flotation cost as a percentage of funds raised?