Cully Company needs to raise $28 million to start a new project and will ralse 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, 10 percent preferred stock, and 25 percent debt. Flotation costs for Issuing new common stock are 9 percent, for new preferred stock, 7 percent, and for new debt, 3 percent. What is the true Initial cost figure Southern should use when evaluating its project? Multiple Cholce $29,996,764 $30,044,000 $31,413,160 $26,226,667 $30,204,962