Southern Alliance Company needs to raise $26 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). 10 percent preferred stock (wp), and 25 percent debt (wo). Flotation costs for issuing new common stock are 9 percent, for new preferred stock, 7 percent, and for new debt, 2 percent. What is the true initial cost figure Southern should use when evaluating its project? (Do not round your intermediate calculations.) Multiple Choice $27,833,000 $24,440,000 $27.972.028 $26,853,147