Hope Productions is considering a project with an initial start up cost of $960,000. The firm maintains a debt-equity ratio of 0.30 and has a flotation cost of debt of 6.8 percent and a flotation cost of equity of 10.4 percent. What is the initial cost of the project including the flotation costs?

Group of answer choices

$959,417

$982,265

$992,384

$1,061,586

None of above is correct.