### What was the flotation cost as a percentage of funds raised

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The Bostitch Co. has just gone public. Under a firm commitment agreement, Bostitch received \$32 for each of the 4.1 million shares sold. The initial offering price was \$34.40 per share, and the stock rose to \$41 per share in the first few minutes of trading. Bostitch paid \$905,000 in legal and other direct costs and \$250,000 in indirect costs.

Required:
What was the flotation cost as a percentage of funds raised?

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