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)	$22,500,000
Preferred stock	3,000,000
Common stock ($10 par)	9,000,000
Retained earnings	3,000,000
Total debt and equity	$37,500,000

The bonds have a 6.1% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 15 years from today. The yield to maturity is 9%, 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. $17,688,771

b. $17,240,401

c. $18,236,097

d. $17,076,056

e. $17,185,750