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A trader owns one ounce of gold. The trader can buy gold at $110 per ounce and sell it at $100 per ounce in the

A trader owns one ounce of gold. The trader can buy gold at $110 per ounce and sell it at $100 per ounce in the spot market. She can borrow at 10% per year and can invest at 8% per year. For what range of one-year gold forward price F does this trader have no arbitrage opportunities?

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