Cully Company needs to raise $21 million to start a new project and will raise the money by selling new bonds. The company will generate no internal equity for the foreseeable future. The company has a target capital structure of 65 percent common stock, 8 percent preferred stock, and 27 percent debt. Flotation costs for issuing new common stock are 9 percent, for new preferred stock, 5 percent, and for new debt, 5 percent. What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice $22,727,273 $19,670,000 $22,596,000 O $21,818,182 $23,636,364