A trader owns a commodity as part of a long-term investment portfolio. The trader can buy the commodity for $950.37 per ounce and sell it for $949 per ounce. The trader can borrow funds at 6.1% per year and invest funds at 5.5% per year. (Both interest rates are expressed with annual compounding.) For what range of one-year forward prices does the trader have no arbitrage opportunities? Assume there is no bidoffer spread for forward prices. Answer: There is no arbitrage opportunity if the forward price is in the range ($1,001.20 : $X). Find X (i.e. this range's higher bound). Enter your answer rounded to two decimal places, skip the $ sign. For example, if your calculation results in