jpmorgan chase & co./2010 annual report 219 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agree- ments 201d ) primarily to finance the firm 2019s inventory positions , ac- quire securities to cover short positions , accommodate customers 2019 financing needs , and settle other securities obligations .
securities financing agreements are treated as collateralized financings on the firm 2019s consolidated balance sheets .
resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased , plus accrued interest .
securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received .
where appropriate under applicable ac- counting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis .
fees received or paid in connection with securities financing agreements are recorded in interest income or interest expense .
the firm has elected the fair value option for certain securities financing agreements .
for a further discussion of the fair value option , see note 4 on pages 187 2013189 of this annual report .
the securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements ; securities loaned or sold under repurchase agreements ; and securities borrowed on the consolidated bal- ance sheets .
generally , for agreements carried at fair value , current-period interest accruals are recorded within interest income and interest expense , with changes in fair value reported in principal transactions revenue .
however , for financial instru- ments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments , all changes in fair value , including any interest elements , are reported in principal transactions revenue .
the following table details the firm 2019s securities financing agree- ments , all of which are accounted for as collateralized financings during the periods presented. .

December 31, (in millions)
2010
2009
Securities purchased under resale agreements<sup>(a)</sup>
$222,302
$195,328
Securities borrowed<sup>(b)</sup>
123,587
119,630
Securities sold under repurchase agreements<sup>(c)</sup>
$262,722
$245,692
Securities loaned
10,592
7,835

( a ) includes resale agreements of $ 20.3 billion and $ 20.5 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .
( b ) includes securities borrowed of $ 14.0 billion and $ 7.0 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .
( c ) includes repurchase agreements of $ 4.1 billion and $ 3.4 billion accounted for at fair value at december 31 , 2010 and 2009 , respectively .
the amounts reported in the table above have been reduced by $ 112.7 billion and $ 121.2 billion at december 31 , 2010 and 2009 , respectively , as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance .
jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and of securi- ties borrowed .
the firm monitors the market value of the un- derlying securities that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities .
margin levels are established initially based upon the counterparty and type of collateral and moni- tored on an ongoing basis to protect against declines in collat- eral value in the event of default .
jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities bor- rowed counterparties , which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default .
as a result of the firm 2019s credit risk mitigation practices described above on resale and securities borrowed agreements , the firm did not hold any reserves for credit impairment on these agreements as of december 31 , 2010 and 2009 .
for a further discussion of assets pledged and collateral received in securities financing agreements see note 31 on pages 280 2013 281 of this annual report. .

Question: Analyse this data from a financial earnings document. what would the 2010 balance be in billions for securities purchased under resale agreements if the fair value resale agreements were excluded?
Choices:
1
222.302
221302
31757.429
791.11
Correct choice index: 1