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(i) AssurIKthat a commodity iorvard curve is in coniansy). Gralhically illustrate and explain an arbitrage strategy that could be implemented. Are there any limits to

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(i) AssurIKthat a commodity iorvard curve is in coniansy). Gralhically illustrate and explain an arbitrage strategy that could be implemented. Are there any limits to the arbitrage strategy? 7 Marks] i) Assume that a commodity forward curve is in backwardation. Can an arbitrage strategy be implemented? Explain. (6 Marks]

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