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A forward contract for the delivery of wheat in 7 months trades at $149/ tonne. The spot price for wheat is $150 per tonne, the

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A forward contract for the delivery of wheat in 7 months trades at $149/ tonne. The spot price for wheat is $150 per tonne, the riskless rate is 8%, and storage costs are 1%. After calculating the fair price for the forward contract, you have identified there is an arbitrage opportunity. How much is the arbitrage profit? (keep 2 decimal places)

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