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Determine the flotation cost as a percentage of funds raised

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Reference no: EM132652352

The Rouge Co. has just gone public. Under a firm commitment agreement, Rouge received $17.70 for each of the 10 million shares sold. The initial offering price was $18.00 per share, and the stock rose to $24.10 per share in the first few minutes of trading. Rouge paid $780,000 in direct legal and other costs, and $290,000 in indirect costs.

What was the flotation cost as a percentage of funds raised? (Round the final answer to 2 decimal places.)

Reference no: EM132652352

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