The NBBO / Bid-ask midpoint record for XYZ is:

Time	NBB	NBO	BAM	Spread
11:01:00	35.05	35.10	35.075	0.05
11:02:00	34.94	34.99	34.965	0.05
11:03:00	34.83	34.86	34.845	0.03
11:04:00	34.77	34.81	34.790	0.04
11:05:00	34.77	34.85	34.810	0.08
11:06:00	34.74	34.78	34.760	0.04
11:07:00	34.75	34.78	34.765	0.03
11:08:00	34.80	34.86	34.830	0.06
11:09:00	34.72	34.75	34.735	0.03
11:10:00	34.75	34.83	34.790	0.08
11:11:00	34.66	34.69	34.675	0.03
11:12:00	34.74	34.78	34.760	0.04
11:13:00	34.82	34.88	34.850	0.06

What is the effective spread for the following trade: order arriving at 11:02:44, buy 100 shares limit 35.00 was executed at 34.98.

1. 0.05
2. 0.03
3. 0.04
4. 0.08