Given the following information, what would you expect to be the minimum price at which a 3 month futures contract for 100 bushels of wheat would be trading?

- The spot price of wheat is $8 per bushel

- Storage and insurance costs for wheat are $.50 per 100 bushels, per month, payable at the end of the storage period.

- You can borrow money at 8% per year.

a) $816.50

b) $814.50

c) $817.5

d) $865.50