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A commoditys spot price as of December 31 is $47/unit, and storage costs are $0.87/unit at the end of every month, starting January 31. If

A commoditys spot price as of December 31 is $47/unit, and storage costs are $0.87/unit at the end of every month, starting January 31. If the effective monthly interest rate is 1.1% (compounded monthly, not continuously), what will be the forward price for delivery at the end of July, assuming the commodity is stored?

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