Tivolly Tech has just gone public. Under a firm commitment agreement, Tivolly received 28.75 for each of the 6 million shares sold. The initial offering price was $31.34 per share. and the stock rose to $39.80 per share in the first few minutes of trading. Tivolly paid $1.140,000 in direct legal and other costs, and $353,000 in indirect costs. What was the flotation cost as a percentage of funds raised? Multiple Choice 41.2396 38.06% Multiple Choice 41 2396 38.0696 9.969 29.89% 39.64%