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A company can buy an option for the delivery of one million units of a commodity in three years at $25 per unit. The three

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A company can buy an option for the delivery of one million units of a commodity in three years at $25 per unit. The three year futures price is $24. The risk-free interest rate is 5% per annum with continuous compounding and the volatility of the futures price is 20% per annum. How much is the option worth

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