Venice Inc. needs to raise $24 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 65 percent common stock, 11 percent preferred stock, and 24 percent debt. Flotation costs for issuing new common stock are 10 percent, for new preferred stock, 9 percent, and for new debt, 4 percent. What is the true initial cost figure Venice should use when evaluating its project? Multiple Choice $26,215,183 $26,028,000 $22,160,000 $27,263,790 $25,166,576