Southern Alliance Company needs to raise $28 million to start a new project. The company has a target capital structure of 60 percent common stock, 12 percent preferred stock, and 28 percent debt. Flotation costs for issuing new common stock are 14 percent, for new preferred stock, 10 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. Note: calculate the weighted average flotation costs (f) first.) Multiple Choice $32,616,487 $25,386,667 $30,107,527