Southern Alliance Company needs to raise $23 million to start a new project. The company has a target capital structure of 70 percent common stock, 10 percent preferred stock, and 20 percent debt. Flotation costs for Issuing new common stock are 11 percent, for new preferred stock, 7 percent, and for new debt, 3 percent. What is the true Initial cost figure Southern should use when evaluating its project? (Do not round your Intermediate calculations.) $25, 070,000] $26, 285, 714 $25, 274, 725 $21, 390,000 $24, 263, 736