The sugarland co. has just gone public. under a firm commitment agreement, the company received $33.70 for each of the 4.27 million shares sold. the initial offering price was $36.10 per share, and the stock rose to $44.40 per share in the first few minutes of trading. the company paid $922,000 in legal and other direct costs and $284,000 in indirect costs. what was the flotation cost as a percentage of funds raised?