Kurt's Campers Issued 60,000 Shares of Stock Last Week,received $31

Kurt's Campers issued 60,000 shares of stock last week,received $31.54 a share,and incurred direct costs of $328,000.The offer price was $34 a share.Within the first hour of trading,the stock price increased to $36 a share.What was the flotation cost as a percentage of the funds raised?

A) 38.07%
B) 33.49%
C) 27.92%
D) 36.33%
E) 29.04%