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?