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Kidder Corporation's balance sheet shows an historical book value for long-term debt (bonds, at par) of $23,500,000. The bonds have an 6.4% coupon rate, payable

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Kidder Corporation's balance sheet shows an historical book value for long-term debt (bonds, at par) of $23,500,000. The bonds have an 6.4% coupon rate, payable semia nnually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 9.35%, so the bonds now sell below par, what is the current market value of the firm's debt? Hint: Calculate the price of the bonds, and multiply by number of bonds (book value / 1,000) to calculate market value. Your answer should be between 17,746.000 and 20,054,000, with no special characters

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