Southern Alliance Company needs to raise $23 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 65 percent common stock (WE). 9 percent preferred stock (wp), and 26 percent debt (wD). Flotation costs for issuing new common stock are 12 percent, for new preferred stock, 6 percent, and for new debt, 4 percent. What is the true initial cost figure Southern should use when evaluating its project? (Do not round your intermediate calculations.)