Schmidt and Sons Co. has an optimal debt-equity ratio of 1.5. To issue new equity, the company must pay a flotation cost of 5%. To issue new bonds, the flotation cost is 3%. If the company wished to raise $900,000 for a new project, how much in total funding must it raise?

a)$867,052

b)$900,000

c)$934,200

d)$960,482

e)$935,551