Cully Company needs to raise $26 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 70 percent common stock, 11 percent preferred stock, and 19 percent debt. Flotation costs for issuing new common stock are 11 percent, for new preferred stock, 9 percent, and for new debt, 3 percent. What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice $27,507,163 $28,407,600 $29,799,427 $24,006,667 $27,507,163 $28,407,600 $29,799,427 $24,006,667 $28,653,295