Consider the information in question $1.$ No also consider that transaction costs in the spot market for buying or selling an ounce of gold is R$2\mathrm{.}25$ per ounce $($assumed to be paid on day $1$ of the transaction$).$ In addition, transaction costs for trading futures contracts, amount to R$13\mathrm{.}90$ per contract $($buying or selling$).$ This is to be paid on the day of the transaction. What futures prices are consistent with the cost$-$of$-$carry model? $(10)$

Consider the information in questions $1$ and $2.$ Restrictions on spot short selling effectively mean that the