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Calculate convenience yield for magnoosium scrap from the following information: (Do not round intermediate calculations. Enter your answer as a percent rounded to 1 decimal

Calculate convenience yield for magnoosium scrap from the following information: (Do not round intermediate calculations. Enter your answer as a percent rounded to 1 decimal place.)

Spot price: $2,580 per ton.
Futures price: $2,438 for a one-year contract.
Interest rate: 11%.
Storage costs: $130 per year.

Convenience yield % =

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