Cully Company needs to raise $29 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, 10 percent preferred stock, and 20 percent debt. Flotation costs for issuing new common stock are 10 percent, for new preferred stock, 7 percent, and for new debt, 6 percent. What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice $31,833,150 $33,106,476 $26,776,667 $30,559,824 Multiple Choice $31833,150 $33,106,476 $26,776,667 $30,559,824 $31,581,000