Under a firm commitment agreement, Zeke Company went public and received $29.75 for each of the 6.7 million shares sold. The initial offer price was $32 and the stock rose to $34.08. 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 7.87% 15.00% 24.48% 25.82% 20.92%