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 $1,000,000$

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

Retained earnings $4,000,000$

Total debt and equity $$36,500,000$

The bonds have a $9\mathrm{.}1\%$ coupon rate, payable semiannually, and a par value of $$1,000.$ They mature exactly $20$ years from today. The yield to maturity is $13\%,$ 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$.$ $$17,396,456$

b$.$ $$15,545,350$

c$.$ $$15,609,746$

d$.$ $$15,569,488$

e$.$ $$16,468,949$