Read the code carefully

import pandas as pd

trades = pd.DataFrame({
    'time': pd.to_datetime(['10:00:00', '10:00:05', '10:00:10']),
    'price': [100, 102, 101],
})
quotes = pd.DataFrame({
    'time': pd.to_datetime(['09:59:50', '10:00:03', '10:00:08']),
    'bid':  [99.5, 101.5, 100.5],
})

out = pd.merge_asof(trades, quotes, on='time', direction='backward')
print(out['bid'].tolist())

# direction='backward' → for each trade, take the latest quote whose
# time is AT or BEFORE the trade time.
# What does this print? Type your prediction.

What will the program print? Write here: