A company has 4,000 bonds outstanding. Each bond has a face value of $1,000. The bonds have a yield to maturity of 5.6% p.a., and a coupon rate of 5% p.a. Coupons are paid annually and the bonds mature in eleven years' time. What is total market value of the firm's debt?

a. $1,610,151.87 b. $3,806,781.78 c. $1,610,701.03 d. $4,000,000