Cully Company needs to raise $$55$ 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, $15$

percent preferred stock, and $30$ percent debt. Flotation costs for

issuing new common stock are $7$ percent, for new preferred stock, $4$

percent, and for new debt, $2$ 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$.,$

$1,234,567.)$