Hibiscus Co has a debt-equity ratio of 0.80. The firm is analyzing a new project which requires an initial cash outlay of $300,000 for new equipment. The flotation cost for new equity is 9% and for debt 4.95%. What is the initial cost of the project, including the flotation costs?

a. 317,215

b. 320,080

c. 321,020

d. 322,580

e. 323,275