Cully Company needs to raise $22 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 60 percent common stock, 12 percent preferred stock, and 28 percent debt. Flotation costs for issuing new common stock are 13 percent, for new preferred stock, 9 percent, and for new debt, 4 percent. What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice O $24,200,000 $25,422,222 O $24,444,444 O $20,093,333 $23,466,666