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Question: The Collins Co. has just gone public. Under a firm commitment agreement, the company received $33.80 for each of the 4.28 million shares sold. The initial offering price was $36.20 per share, and the stock rose to $44.60 per share in the first few minutes of trading. The company paid $923,000 in legal and other direct costs and $286,000 in indirect costs.

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

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