Task: Table-QA (source dataset: FinQA)

Task: 
You are given a table containing structured data and a natural language question referring to the table. Your goal is to analyze the table and provide an accurate and concise answer based on the given data.

Instructions:
1. Understand the Table: Examine the structure, headers, and data in the table. Identify relevant columns and rows related to the question.
2. Interpret the Question: Determine whether the question requires direct retrieval, aggregation, comparison, sorting, filtering, or inference.
3. Extract the Answer: Use logical reasoning and numerical operations (if necessary) to derive the correct response from the table.
4. Format the Answer: No explanation, return the answer in a structured JSON format: {"answer": <answer>}. If the question cannot be answered due to missing or ambiguous data, return a JSON response with {"answer": null}.

Table:
| $ in millions                                    | as of december 2015   | as of december 2014   |
|:-------------------------------------------------|:----------------------|:----------------------|
| securities purchased under agreements to resell1 | $ 120905              | $ 127938              |
| securities borrowed2                             | 172099                | 160722                |
| securities sold under agreements to repurchase1  | 86069                 | 88215                 |
| securities loaned2                               | 3614                  | 5570                  |

Question:
what percentage of securities borrowed were at fair value for december 31 2015?


pre_text: the goldman sachs group , inc .
and subsidiaries notes to consolidated financial statements note 10 .
collateralized agreements and financings collateralized agreements are securities purchased under agreements to resell ( resale agreements ) and securities borrowed .
collateralized financings are securities sold under agreements to repurchase ( repurchase agreements ) , securities loaned and other secured financings .
the firm enters into these transactions in order to , among other things , facilitate client activities , invest excess cash , acquire securities to cover short positions and finance certain firm activities .
collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists .
interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in 201cinterest income 201d and 201cinterest expense , 201d respectively .
see note 23 for further information about interest income and interest expense .
the table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. .
post_text: $ in millions 2015 2014 securities purchased under agreements to resell 1 $ 120905 $ 127938 securities borrowed 2 172099 160722 securities sold under agreements to repurchase 1 86069 88215 securities loaned 2 3614 5570 1 .
substantially all resale agreements and all repurchase agreements are carried at fair value under the fair value option .
see note 8 for further information about the valuation techniques and significant inputs used to determine fair value .
2 .
as of december 2015 and december 2014 , $ 69.80 billion and $ 66.77 billion of securities borrowed , and $ 466 million and $ 765 million of securities loaned were at fair value , respectively .
resale and repurchase agreements a resale agreement is a transaction in which the firm purchases financial instruments from a seller , typically in exchange for cash , and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date .
a repurchase agreement is a transaction in which the firm sells financial instruments to a buyer , typically in exchange for cash , and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date .
the financial instruments purchased or sold in resale and repurchase agreements typically include u.s .
government and federal agency , and investment-grade sovereign obligations .
the firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements .
to mitigate credit exposure , the firm monitors the market value of these financial instruments on a daily basis , and delivers or obtains additional collateral due to changes in the market value of the financial instruments , as appropriate .
for resale agreements , the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition .
even though repurchase and resale agreements ( including 201crepos- and reverses-to-maturity 201d ) involve the legal transfer of ownership of financial instruments , they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement .
a repo-to-maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security .
prior to january 2015 , repos-to- maturity were accounted for as sales .
the firm had no repos-to-maturity as of december 2015 and december 2014 .
see note 3 for information about changes to the accounting for repos-to-maturity which became effective in january 2015 .
goldman sachs 2015 form 10-k 159 .
label: 0.40558000000000005
qa: answer: 40.6%
ann_table_rows: 2
ann_text_rows: 13
steps: op: divide1-1
arg1: 172099
arg2: const_1000
res: 172.099
op: divide1-2
arg1: 69.80
arg2: #0
res: 40.6%
program: divide(172099, const_1000), divide(69.80, #0)
gold_inds: table_2: $ in millions the securities borrowed2 of as of december 2015 is 172099 ; the securities borrowed2 of as of december 2014 is 160722 ;
text_13: as of december 2015 and december 2014 , $ 69.80 billion and $ 66.77 billion of securities borrowed , and $ 466 million and $ 765 million of securities loaned were at fair value , respectively .
exe_ans: 0.40558000000000005
tfidftopn: text_10: substantially all resale agreements and all repurchase agreements are carried at fair value under the fair value option .
program_re: divide(69.80, divide(172099, const_1000))
model_input: text_8
the table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. .
table_2
$ in millions the securities borrowed2 of as of december 2015 is 172099 ; the securities borrowed2 of as of december 2014 is 160722 ;
text_13
as of december 2015 and december 2014 , $ 69.80 billion and $ 66.77 billion of securities borrowed , and $ 466 million and $ 765 million of securities loaned were at fair value , respectively .