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Exercise 5 (please show your work) Storage and insurance costs on silver are $2.1 per ounce every 3 months and have just been paid. 4

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Exercise 5 (please show your work) Storage and insurance costs on silver are $2.1 per ounce every 3 months and have just been paid. 4 months ago, the price of silver was $17.89 per ounce and you took a long position in a forward contract on silver with a quantity of 28800 ounces and that matured in 11 months (at that time). Now, the spot price of silver is $17.73 per ounce. You decide to take a position in a contract on ilver with the same quantity and maturity as your firs contract. What is your porfit/loss when ontracts mature. The risk-free rate has always been 5.26%. (15 pts)

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