moonscape has just completed an initial public offering. the firm sold 2 million shares at an offer price of $10 per share. the underwriting spread was $0.40 a share. the price of the stock closed at $14.00 per share at the end of the first day of trading. the firm incurred $200,000 in legal, administrative, and other costs. what were flotation costs as a fraction of funds raised? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places.)