2. The current price of oil is \($32.00\) per barrel. Forward prices for 3, 6, 9, and 12 months are \($31.37\), \($30.75\), \($30.14\), and \($29.54\). Assuming a 2% continuously compounded annual risk-free rate, what is the annualized lease rate for each maturity? Is this an example of contango or backwardation?