A trader ouns gold as part of a long$-$term

investment port folio. The trader can bry gold

for $550$ dollars per ounce and sell it for $549$

dollars per ounce. The trader can borrow funds

at $6\%$ per year and invest funds at $5\mathrm{.}5\%$

per year $($both interest rates are expressed with

annual compounding$).$ For what range of $1-$year

forward prices of gold does the trader have

no arbitrage opportmities?