Cully Company needs to raise $$50$ 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, $10$ percent preferred stock, and $30$ percent debt. Flotation costs for issuing new common stock are $10$ percent, for new preferred stock, $7$ percent, and for new debt, $4$ percent.

What is the true initial cost figure the company should use when evaluating its project? $($Do not round intermediate calculations and enter your answer in dollars, not millions, rounded to the nearest whole dollar amount, e$.$g$.,1,234,567.)$