A company provided services to a client in exchange for an 8-year note with a face value of $400,000 and interest payable annually at a nominal rate of 3%. The company's cost of money is 8% and the client has a credit rating that makes it have a cost of 12%. What should be the value of the document receivable that the company must register?

a) $221,164

b) $400,000

c)$285,000

d) 161,553