An investor initially purchased securities at a price of $9,923,418, with an agreement to sell them back at a price of $10,000,000 at the end of a 90-day period. The repo rate is ____ percent.

a.	3.10
b.	0.77
c.	1.00
d.	none of the above

IF someone could give me the answer as well as the written out solution it would be much apprecaited. thanks!