CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) Preferred stock $10,000,000 Common stock ($10 par) Retained earnings 2,000,000 10,000,000 4,000,000 $26,000,000 Total debt and equity The bonds have a 6% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt? Select the correct answer. a. $6,558,485 b. $6,556,868 c. $6,559,024 d. $6,557,407 e. $6,557,946