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)	$25,500,000
Preferred stock	1,000,000
Common stock ($10 par)	8,000,000
Retained earnings	5,000,000
Total debt and equity	$39,500,000

The bonds have an 8.2% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 20 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. $20,136,342

b. $18,172,419

c. $18,210,069

d. $18,262,109

e. $19,153,923