Your firm is considering a R$150$ million investment to launch a new product line. The firm is able to obtain a five$-$year non$-$amortizable loan at $\backslash (12\backslash \%\backslash )$ interest rate. The firm will borrow $\backslash (30\backslash \%\backslash )$ of the amount required for the upfront investment. The remaining funds will be raised through an equity issue. The loan requires flotation costs of $\backslash (4\mathrm{.}7\backslash \%\backslash )$ of the gross proceeds and the firm will pay for these using cash. Flotation costs will be amortized using a straight$-$line schedule over the five year life of the loan. The corporate tax rate is $\backslash (30\backslash \%\backslash )$ and the loan will not increase the risk of financial distress for the company. Calculate the flotation costs.