A firm has an asset value of $110 million with asset volatility of 30% per annum. Its only debt is a zero-coupon bond with face value of $80 million that matures in five years. The risk-free rate is 4%. The Black-Scholes Merton price of a put option on the firm's assets with strike price equal to the face value of the bond is $6.95 million. Which is nearest to the current value of the firm's debt?