Southern Star Company needs to raise $$55$ million to start a new project and will raise the money by selling new bonds. The company will generate no internal equity for the foreseeable future. The company has a target capital structure of $70$ percent common stock, $15$ percent preferred stock, and $15$ percent debt. Flotation costs for issuing new common stock are $9$ percent, for new preferred stock, $6$ percent, and for new debt, $2$ percent.

What is the true initial cost figure the company should use when evaluating its project? $($Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole dollar, e$.$g$.1,234,567.)$