Consider a binominal model for a futures contract. You are given:

I) Each period is 1 year.

II) The price of a one-year at the money call option on the futures contract is 6.3415.

III) The risk-neutral probability of an up move is 1/3

IV) The initial futures price is 100

V) The continuously compounded risk-free interest rate is 5%

Calculate d.

(Note: resolve this contract as a call option, treating the initial futures price as the strike and the final futures price as the final price)