Deep Hollow Oil Issued 140,000 Shares of Stock Last Week,received

Deep Hollow Oil issued 140,000 shares of stock last week,received $23.15 a share,and incurred direct costs of $287,000.The offer price was $29 a share.Within the first hour of trading,the stock price increased to $34 a share.What was the flotation cost as a percentage of the funds raised?

A) 49.72%
B) 53.49%
C) 64.47%
D) 54.55%
E) 61.14%