A fixed-income portfolio analyst is applying the Merton model to derive the market value of debt for a non-dividend paying chemical manufacturing company whose assets have a current market value of CAD 85 million. The face value of the company's only debt, a zero-coupon bond maturing in 2 years, is CAD 55 million. The analyst uses the following additional information to complete the calculation:

• N(d₁): 0.9495
• N(d₂): 0.8983
• Annual risk-free interest rate: 5%
• Annual volatility of the company's assets: 26%

What is the correct estimate of the market value of the company's debt using the Merton model?