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$)12,000,000$

Retained earnings $5,000,000$

Total debt and equity $$39,500,000$

The bonds have a $7\mathrm{.}1\%$ coupon rate, payable semiannually, and a par value of $$1,000.$ They mature exactly $20$ years from today. The yield to maturity is $10\%,$ 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$.$ $$16,805,488$

b$.$ $$17,491,389$

c$.$ $$16,191,793$

d$.$ $$16,107,539$

e$.$ $$16,150,655$