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Exactly one year ago, you bought a certain item on a forward basis with delivery 3 years later. When the contract was concluded, the product

Exactly one year ago, you bought a certain item on a forward basis with delivery 3 years later. When the contract was concluded, the product was priced according to the futures at SEK 428.32 at the end of the term. The price was then calculated on the basis of an annual interest rate of 5.50% plus a cost of storage. The storage cost is expressed as a percentage of the spot price for the day the item is stocked and applies for the entire time period with a fee of 9.30% for 3 years, 6.20% for 2 years and 3.10% for 1 year. Suppose the spot price of the commodity is $375.00 today and that the cost of storage is calculated in the same way as a year ago, but that the annual interest rate is now 6.00%. How much risk-free profit can you secure at the end of the term?
(Correct answer: 16.28)

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