In order to accurately assess the capital structure of a firm, it is necessary to convert its balance sheet figures from historical book values to market values. KJM Corporation's balance sheet $($book values$)$ as of today is as follows:

Long$-$term debt $($bonds$,$ at par$)$ $$21,500,000$

Preferred stock $3,000,000$

Common stock $($$$10$ par$)13,000,000$

Retained earnings $4,000,000$

Total debt and equity $$41,500,000$

The bonds have an $8\mathrm{.}7\%$ 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? Do not round your intermediate calculations.

a$.$ $$17,287,202$

b$.$ $$18,759,416$

c$.$ $$17,491,167$

d$.$ $$18,074,680$

e$.$ $$17,431,045$