Bluegrass Mint Company has a debt-equity ratio of 0.3. The required return on the company's unlevered equity is 15.2% and the pretax cost of the firm's debt is 6.9%. Sales revenue for the company is expected to remain stable indefinitely at last year's level of $21,278,355.9. Variable costs amount to 60% of sales. The tax rate is 21% and the company distributes all its earnings as dividends at the end of each year.

What would be the value of debt?

HINT: Use the WACC to compute the value of the company and then determine the amount of debt