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 45% and its current WACC is 10.3%. 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 45%? (Select one)

$46.63 million

$31.5 million

$15.13 million

$70 million

\begin{tabular}{|lrrrrrrr|} \hline \multicolumn{7}{|c|}{ Free Cash Flows for New Project (in \$ million) } \\ Year & 0 & 1 & 2 & 3 & 4 & 5 \\ \hline FCF (in \$ millions) & (70.00) & 5.00 & 20.00 & 50.00 & 40.00 & 30.00 \\ \hline \end{tabular}