The Raven Co. has just gone public. Under a firm commitment agreement, Raven received $17.40 for...

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The Raven Co. has just gone public. Under a firm commitmentagreement, Raven received $17.40 for each of the 20 million sharessold. The initial offering price was $19.50 per share, and thestock rose to $21.60 per share in the first few minutes of trading.Raven paid $600,000 in direct legal and other costs and $200,000 inindirect costs.
What was the flotation cost as a percentage of funds raised?(Do not round intermediate calculations and enter youranswer as a percent rounded to 2 decimal places, e.g.,32.16.)

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The Raven Co. has just gone public. Under a firm commitmentagreement, Raven received $17.40 for each of the 20 million sharessold. The initial offering price was $19.50 per share, and thestock rose to $21.60 per share in the first few minutes of trading.Raven paid $600,000 in direct legal and other costs and $200,000 inindirect costs.What was the flotation cost as a percentage of funds raised?(Do not round intermediate calculations and enter youranswer as a percent rounded to 2 decimal places, e.g.,32.16.)