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Your best friend Morrison Scott just graduated from UNSW and joined the risk management team at Emu Bank. He wants to calculate the DEAR of one of the bank's trading position. After applying the RiskMetric approach and assuming a 1-percent adverse market movement scenario, he calculates DEAR = $9,000. How should he interpret the number $9,000 in terms of the market risk of the trading position?

a. The bank will lose $9,000 or more with a 1% probability.

b. The bank will lose $9,000 or less with a 1% probability.

c. The bank will lose at least $9,000 over the next day.

d. The bank will lose at most $9,000 over the next day.

e. The bank will lose exactly $9,000 over the next day.