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Delta utilizes 1,500,000 gallons of jet fuel every month and wants to hedge its position by entering into a swap contract to buy its jet

Delta utilizes 1,500,000 gallons of jet fuel every month and wants to hedge its position by entering into a swap contract to buy its jet fuel monthly starting in one month for the next 5 months. The risk-free rate for all horizons up to 6 months is 1.25% and the forward price of jet fuel per gallon is listed below. What would be the swap price of the 1,500,000 gallons of jet fuel each month for the next 6 months?

Month Forward Price

1

$1.79
2 $1.795
3 $1.7975
4 $1.8010
5 $1.8075

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