Company A$\text{'}$s balance sheet as of today is as follows:

Long$-$term debt $($bonds$,$ at par$)$

$$14,000,000$

Preferred stock

$1,000,000$

Common stock $($$$10$ par$)$

$7,000,000$

Retained earnings

$4,000,000$

Total debt and equity

$$26,000,000$

The bonds have a $4\mathrm{.}5\%$ coupon rate, payable semiannually, and a par value of $$1,000.$ They mature exactly $10$ years from today. The yield to maturity is $7\%,$ so the bonds now sell below par. What is the current market value of the firm's debt?

a$.$ $$11,851,486$

b$.$ $$11,669,521$

c$.$ $$11,512,829$

d$.$ $$11,375,464$

e$.$ $$11,541,746$