I need the correct Flotation cost percentage please as asked in the question. My

Question

I need the correct Flotation cost percentage please as asked in the question. My answer of 8.13 is incorrect.

PLEASE DO NOT ROUND INTERMEDIATE CALCULATIONS....as it explains in the problem

The Collins Co has just gone public Under a firm commitment agreement, Collins received $33.00 for each of the 4.20 million shares sold The initial offering pnce was $35.40 per share, and the slock rose fo $43 00 per share in the firsl few minutes of trading. Collins paid $915,000 in legal and other direct costs and $270,000 in indirect costs. (Enter your answer as directed, but do not round intermediate calculations.) Required: What was the flotation cost as a percentage of funds raised? (Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).) Rotation cost percentage 813 %

Explanation / Answer

Total Floatation Cost=915000+270000=1185000

Value of shares =4200000*33=138600000

Floatation cost=(1185000/138600000)*100=0.85%

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