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) $24,500,000 Preferred stock 3,000,000 Common stock ($10 par) 13,000,000 Retained earnings 3,000,000 Total debt and equity $43,500,000 The bonds have a 7.4% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 15 years from today. The yield to maturity is 11%, 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. $19,591,728 b. $18,157,653 c. $17,991,579 d. $18,815,235 e. $18,090,618