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$)7,000,000$

Retained earnings $3,000,000$

Total debt and equity $$32,500,000$

The bonds have a $6\mathrm{.}5\%$ 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$.$ $$17,032,000$

b$.$ $$17,167,380$

c$.$ $$17,122,361$

d$.$ $$17,634,545$

e$.$ $$18,181,213$