Carter Bank, currently paying 4% to its customers with 1-year certificates of deposits, wants to lock in the 4% short-term borrowing rate for years 2 and 3. One way to do this would be to use a repo and lock in a futures price. Suppose Carter Bank is currently holding a U.S. Treasury bond with a 3% coupon that can be used as collateral for a repo agreement. If Carter shorts its Treasury bond and longs a futures contract at $1,025, what is the implied repo rate (rREPO)? SHOW YOUR WORK.'