Southern Alliance Company needs to raise $20 million to start a new project and will raise the money by selling new bonds (D). The company will generate no internal equity (E) for the foreseeable future. The company has a target capital structure of 50 percent common stock (we), 12 percent preferred stock (wp), and 38 percent debt (wd). Flotation costs for issuing new common stock are 13 percent, for new preferred stock, 9 percent, and for new debt, 5 percent. What is the true initial cost figure Southern should use when evaluating its project? (Do not round your intermediate calculations.)