calculate the implied repo rate for a hypothetical issue that is deliverable for a t-bond futures contract assuming the following information:

futures contract: future price = $102, Delivery date= 114 days, Coupon Rate = 8% and 35-day term repo rate = 5%

deliverable issue: price of issue = $96, Accrued interest =$3.2219, interim coupon payment = $4.00, days remaining = 79 days and accrued interest received = $1.7315

note: number of days between the interim coupon payment is received and the actual delivery date of the future contract is 35 days.