14. Natural gas futures prices are $6.85 (Oct), $7.50 (Nov), $8.15 (Dec), $8.20 (Jan), $8.25 (Feb), $8.20 (Mar), and $7.45 (Apr). The effective monthly interest rate is 1%. a. During which months is storage expected occur? b. What is your estimate of the expected monthly storage cost dur- ing those months? 15. Suppose the gold price is $300/oz., the 1-year forward price is 310.686, and the continuously compounded risk-free rate is 5%. a. What is the lease rat b. Demonstrate a cash-and-carry strategy that provides the zero cash flow at time 0 and the maturity date. (You borrow to buy gold, sell the gold forward, and lend the gold, earning the lease rate.) c. What is the return on a cash-and-carry strategy in which gold is not loaned? (You borrow to buy gold and sell the gold forward.)