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Andys Frozen requires 50 tones of frozen cattle meat for its food catering in December 2021. As of today 1st April 2021 the frozen cattle

Andys Frozen requires 50 tones of frozen cattle meat for its food catering in December 2021. As of today 1st April 2021 the frozen cattle meat is selling at $20,000 per tone. The risk-free interest rate for all maturities is 12% p.a. continuously compounded. The storage cost of frozen meat is $540 per tone for every three months to be paid in advance. The frozen cattle meat supplier quoted the December forward price to be $25,000 per tone. Calculate the arbitrage profit for each tone of frozen cattle meat (if any)

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