19) A, B and C are three commodities traded on a futures exchange.On April 1, the settlement prices of their June and December futures contracts are given as:

ABC

JUNE100200500

DECEMBER106212526

Assume that in equilibrium_tF_T2=_tF_T1(1 +_T1r_T2) +_T1C_T2holds.

Given the above information, which of these commodities couldpossiblehave a convenience value?

a. Only C

b. None of them

c. Only A

d. A, B and C

e. Only B