Cully Company needs to raise $27 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 55 percent common stock, 9 percent preferred stock, and 36 percent debt. Flotation costs for issuing new common stock are 9 percent, for new preferred stock, 6 percent, and for new debt, 3 percent What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice $28,773,900 $27,742,695 $25,380,000 $28,898,641 $30,054,587