Herriman Solutions needs $15.7 million to build a new assembly line. The company's target debt-equity ratio is 0.91. The flotation cost for new equity is 11.5 percent, but the floatation cost for debt is only 7 percent. The company has sufficient resources to finance the equity portion of the assembly line internally. What is the true cost of building the new assembly line after taking flotation costs into account?

Total initial cost = $