if Joe's Coffeys wants to expand their business into food trucks using bonds, and the initial funds required to be raised within the bond market are $40,000. What is the initial outlay for the expansion using adjusted flotation costs. (remember each of the figures a representative of millions)

Number of ordinary shares outstanding = 614,000, Current Traded price of an ordinary share = $2.8, Cost of equity = 20%, Current market value of interest-bearing debt = $280,000, Cost of debt = 13%, Corporate tax rate = 60%, Floatation costs = 300 points