low Oil issued 140,000 shares of stock last week, received $23.15 per share, and incurred direct costs of $287,000. The offer price was $29 per share. Within the first hour of trading, the stock price increased to $34 per share. What was the flotation cost as a percentage of the funds raised? Multiple Choice 53.49% 61.14% 49.72% 54.55% 64.47%

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