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Answer (D) is correct . Because $15 million is already available, the company must finance $60 million ($75 million – $15 million). Of?this amount, 70%, or $42 million, should come from the issuance of common stock to maintain the current capital structure. The $42 million represents 56% of the total $75 million.

Answer (A) is incorrect because The 70% desired common stock percentage multiplied by the original $75 million is $52.5.
Answer (B) is incorrect because This is a nonsense percentage in this context.
Answer (C) is incorrect because The new issue of common stock will fund 70% of the financed amount, not 70% of the total project cost. The financed amount is $60 million ($75 million – $15 million cash).