Target Media Inc. has a debt-equity ratio of 0.64. The firm is analyzing a new project which requires an initial cash outlay of $420,000 for equipment. The flotation cost is 9.6 percent for equity and 5.4 percent for debt. What is the initial cost of the project including the flotation costs?
A. $302,400
B. $368,924
C. $456,328
D. $456,700
E. $583,333