notes to consolidated financial statements j.p .
morgan chase & co .
98 j.p .
morgan chase & co .
/ 2003 annual report securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions primarily to finance the firm 2019s inventory positions , acquire securities to cover short positions and settle other securities obligations .
the firm also enters into these transactions to accommodate customers 2019 needs .
securities purchased under resale agreements ( 201cresale agreements 201d ) and securities sold under repurchase agreements ( 201crepurchase agreements 201d ) are generally treated as collateralized financing transactions and are carried on the consolidated bal- ance sheet at the amounts the securities will be subsequently sold or repurchased , plus accrued interest .
where appropriate , resale and repurchase agreements with the same counterparty are reported on a net basis in accordance with fin 41 .
jpmorgan chase takes possession of securities purchased under resale agreements .
on a daily basis , jpmorgan chase monitors the market value of the underlying collateral received from its counterparties , consisting primarily of u.s .
and non-u.s .
govern- ment and agency securities , and requests additional collateral from its counterparties when necessary .
similar transactions that do not meet the sfas 140 definition of a repurchase agreement are accounted for as 201cbuys 201d and 201csells 201d rather than financing transactions .
these transactions are accounted for as a purchase ( sale ) of the underlying securities with a forward obligation to sell ( purchase ) the securities .
the forward purchase ( sale ) obligation , a derivative , is recorded on the consolidated balance sheet at its fair value , with changes in fair value recorded in trading revenue .
notional amounts of these transactions accounted for as purchases under sfas 140 were $ 15 billion and $ 8 billion at december 31 , 2003 and 2002 , respectively .
notional amounts of these transactions accounted for as sales under sfas 140 were $ 8 billion and $ 13 billion at december 31 , 2003 and 2002 , respectively .
based on the short-term duration of these contracts , the unrealized gain or loss is insignificant .
securities borrowed and securities lent are recorded at the amount of cash collateral advanced or received .
securities bor- rowed consist primarily of government and equity securities .
jpmorgan chase monitors the market value of the securities borrowed and lent on a daily basis and calls for additional col- lateral when appropriate .
fees received or paid are recorded in interest income or interest expense. .

December 31, (in millions)
2003
2002
Securities purchased under resale agreements
$62,801
$57,645
Securities borrowed
41,834
34,143
Securities sold under repurchase agreements
$105,409
$161,394
Securities loaned
2,461
1,661

note 10 jpmorgan chase pledges certain financial instruments it owns to collateralize repurchase agreements and other securities financ- ings .
pledged securities that can be sold or repledged by the secured party are identified as financial instruments owned ( pledged to various parties ) on the consolidated balance sheet .
at december 31 , 2003 , the firm had received securities as col- lateral that can be repledged , delivered or otherwise used with a fair value of approximately $ 210 billion .
this collateral was gen- erally obtained under resale or securities-borrowing agreements .
of these securities , approximately $ 197 billion was repledged , delivered or otherwise used , generally as collateral under repur- chase agreements , securities-lending agreements or to cover short sales .
notes to consolidated financial statements j.p .
morgan chase & co .
loans are reported at the principal amount outstanding , net of the allowance for loan losses , unearned income and any net deferred loan fees .
loans held for sale are carried at the lower of aggregate cost or fair value .
loans are classified as 201ctrading 201d for secondary market trading activities where positions are bought and sold to make profits from short-term movements in price .
loans held for trading purposes are included in trading assets and are carried at fair value , with the gains and losses included in trading revenue .
interest income is recognized using the interest method , or on a basis approximating a level rate of return over the term of the loan .
nonaccrual loans are those on which the accrual of interest is discontinued .
loans ( other than certain consumer loans discussed below ) are placed on nonaccrual status immediately if , in the opinion of management , full payment of principal or interest is in doubt , or when principal or interest is 90 days or more past due and collateral , if any , is insufficient to cover prin- cipal and interest .
interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed against interest income .
in addition , the amortization of net deferred loan fees is suspended .
interest income on nonaccrual loans is recognized only to the extent it is received in cash .
however , where there is doubt regarding the ultimate collectibility of loan principal , all cash thereafter received is applied to reduce the carrying value of the loan .
loans are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured .
consumer loans are generally charged to the allowance for loan losses upon reaching specified stages of delinquency , in accor- dance with the federal financial institutions examination council ( 201cffiec 201d ) policy .
for example , credit card loans are charged off at the earlier of 180 days past due or within 60 days from receiving notification of the filing of bankruptcy .
residential mortgage products are generally charged off to net realizable value at 180 days past due .
other consumer products are gener- ally charged off ( to net realizable value if collateralized ) at 120 days past due .
accrued interest on residential mortgage products , automobile financings and certain other consumer loans are accounted for in accordance with the nonaccrual loan policy note 11 .

Question: Analyse this data from a financial earnings document. in 2003 what was the ratio of the securities purchased under resale agreements to the \\nsecurities borrowed
Choices:
1.5012
41835.5012
1.8394
1.3779
1.0894
Correct choice index: 0