You are a financial manager at Cisco and are trying to assess the following project. The project will require a $70 million initial investment and will generate free cash flows in years 1-5 as shown in the table below. Cisco maintains a constant debt-to-enterprise value ratio of 25% and its current WACC is 9.8%. Assuming that Cisco takes the project, how much additional debt must Cisco Issue in order to maintain a constant debt-to-enterprise value ratio of 25%? (Select one)

$26.31 million $17.5 million $8.81 million $70 million