On January 1, X4, STX Ltd issues 10 bonds with a par value of $ 100 per bond and nominal interest of 11%. These bonds mature on January 1, X9, ie in 5 years, and interest is payable once a year, ie on December 31. Investors demand an effective interest rate of 11% upon issuance. The bonds include stock options: 1 option per bond, each option giving the right to purchase one common share at $ 75 per share. As such, you are informed that a bond without option would have been issued on January 1, X4 at 80.

What is the value of the options on the issue date?