On January 1, X1, the company LTD issues 100 bonds whose nominal value (VN) is $1,000 per bond and nominal interest (TN) is 10%. These bonds mature on January 1, X11, i.e. in 10 years, and interest are payable once a year, on December 31. Investors demand an effective interest rate (TM) of 12% at the time of issue. The loan is classified by the company in the Other Liabilities category. What is the emission product?

a) $100,000

b) $88,699

c) $132,197

d) $56,502