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Cully Company needs to raise $30 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, 11 percent preferred stock, and 29 percent debt. Flotation costs for issuing new common stock are 10 percent, for new preferred stock, 8 percent, and for new debt, 6 percent. What is the true initial cost figure Southern should use when evaluating its project? Multiple Choice $32,586,000 $34,143,139 $27,600,000 $31,516,743 $32,829,941