Brown Co. issued $100 million of its 6% bonds on April 1, 2021 at 89 ($89 million) plus accrued interest. The bonds are dated January 1, 2021 and have an effective interest rate of 7%. Interest is payable semiannually on June 30 and December 31. What amount did Brown receive from the bond issuance? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Multiple Choice

a) $90.75 million.

b) $90 million.

c) $88.25 million.

d) $90.5 million.