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)	9,000,000
Retained earnings	5,000,000
Total debt and equity	$40,500,000

The bonds have an 8.3% 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. $19,357,274

b. $20,349,669

c. $18,401,909

d. $18,365,250

e. $18,452,580