The Xtel Corporation's earnings from operation before interest and taxes was $3 million in the year just ended. Suppose Xtel Corporation is expected to growth at 20% for first three years and finally will grow at 5% forever. To make this happen, the firm will have to invest an amount equal to 40% of after-tax EBIT each year. The tax rate is 25%. Depreciation was $400,000 in the year just ended. The decreases in net working capital last year was $200,000. Also, in the year just ended, Xtel Corporation had $6 million debt outstanding with average interest rate 10%, and repaid $500,000 at the end. The appropriate market cap rate for first three years is 18% and 10% for the steady-state. The WACC for first three years is 15% and 8% for the steady-state. What's the market value of the company's debt (liabilities) ? (Hint: we talked about a firm is financed by equity and debt. Round intermediate calculations to 4 decimal places. Round your final answer to 2 decimal places, e.g. 3.47%.)