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(2 marks) Find the value of a 3-year annual commodity swap swapping 25 metric tons of aluminum for $60,000 at the end of each year.

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(2 marks) Find the value of a 3-year annual commodity swap swapping 25 metric tons of aluminum for $60,000 at the end of each year. The current spot price is $2,320 per metric ton, the risk-free rate is 3% per year (assume a flat term structure), and assume that the net convenience yield for aluminum is 2% per year (assume a flat term structure). 4

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