A company is considering a project which has an initial startup cost of $761,086. The firm maintains a debt-to-equity ratio of 0.98. The flotation cost of debt is 7.49% and the flotation cost of external equity is 11.67%. The firm has sufficient internally generated equity to cover the equity cost of this project. What is the initial cost of the project including the flotation costs?

1) 749,836

2) 769,568

3) 789,301

4) 809,033

5) 828.766