Photochronograph Corporation (PC) manufactures time series photographic equipment PC raises 60% of its financing from common stock, 10% from preferred stock, and 30% from debt. The initial investment would be $12,000,000. The company raises all equity from outside financing. The flotation costs are: a. A new issue of common stock: Twelve percent. b. A new issue of 20-year bonds: Four percent c. Preferred stock: Six percent Required: What is the true initial cost that PC should use when evaluating its project? (Do not include the dollar sign ($). Round your answer to 2 decimal places (e.9,3216)) True Cost $