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 semiannually and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 9.50%, 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.