CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000 Preferred stock 2,

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CMS Corporation's balance sheet as of today is as follows:Long-term debt (bonds, at par) $10,000,000 Preferred stock2,000,000 Common stock ($10 par) 10,000,000 Retained earnings4,000,000 Total debt and equity $26,000,000 The bonds have a 8%coupon rate, payable semiannually, and a par value of $1,000. Theymature exactly 10 years from today. The yield to maturity is 12%,so the bonds now sell below par. What is the current market valueof the firm's debt?
a. $7,706,016b. $7,705,355c. $7,704,032d. $7,704,693e. $7,706,677