Cotton has a spot price for immediate delivery of $0.35 per pound. There is a market for cotton futures contracts for delivery in nine months. Each futures contract is for delivery of 50,000 pounds of cotton, with an initial margin of $5000 per contract. The per-annum net convenience yield for holding cotton over the next nine months is 1%. The interest rate is 5%, stated as a continuously- compounded annual rate. What is the current futures price of cotton for delivery in nine months?