You are given the following information:

• Five years ago, the corporation issued zero coupon bonds with 20 years to maturity.
• The bonds were issued at 20% of par
• The bonds currently have a yield to maturity of 10% (on an annual basis)
• Each zero coupon bond has a face (par) value of $1,000
• There are 2,500 of the zero coupon bonds outstanding
• The firm has issued equity and currently has 10,000 shares outstanding
• The systematic risk of the firms equity is 10% less than that of the market
• The risk free rate is 7%
• The market risk premium is 8%
• The price of the firms equity was $31.04 per share one year ago
• This years forecast states that the firms dividends are expected to grow at 8% for the foreseeable future
• The firms most recent (current) dividend is $1.00. This dividend payment was much lower than what was forecasted (expected) one year ago.
• The above mentioned debt and equity make up the entire capital structure of the firm
• The firms tax rate is 30%

The market value of debt is ______ dollars?