Cully Company needs to raise $28 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, 8 percent preferred stock, and 32 percent debt. Flotation costs for issuing new common stock are 12 percent, for new preferred stock, 4 percent, and for new debt, 4 percent. What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice $29,473,684 $31,929,824 $30,464,000 O $29,473,684 O $31,929,824 $30,464,000 $26,133,333 $30,701,754