I would pass. The rate is so low that you can afford to (100 isn't going to break your bank, I assume!), and it helps send a message that your images are worth more. Photographers only hurt themselves when they go this low with this quality of work. The tougher calls are when it's for real money but humilating terms (full non-exclusive but unlimited, indefinite buyout for global corporate advertising in all media for 1,000, just to throw out a number). In that case you might need that money, and would be more tempted.
Have you made a counter-offer that is acceptable to you? You have nothing to lose by doing so.
By the way, rates used to be around 500 for first runs....
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