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Finance help CMS Corporation's balance sheet as of today is as follows: Long-term debt...

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Finance

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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 stock 2,000,000 Common stock ($10 par) 10,000,000 Retained earnings 4,000,000 Total debt and equity $26,000,000 The bonds have a 9.1% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt? Select the correct answer. a. $8,335,649 b. $8,336,255 c. $8,336,861 d. $8,337,468 e. $8,335,043 O

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