Under a firm commitment agreement, Zeke Company went public and received $31.50 for each of the 7.4 million shares sold. The initial offer price was $34 and the stock rose to $36.93. The company paid $560,000 in direct flotation costs and $215,000 in indirect costs. What was the flotation cost as a percentage of funds raised? Multiple Choice O O O O 17.63% 8.20% 29.25% 23.63%