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If the spot rate of copper is $ 3 0 0 per ounce and the one year forward rate is $ 3 0 0 per

If the spot rate of copper is $300 per ounce and the one year forward rate is $300 per ounce, and the one year interest rate is 4% per annum.
a. Explain whether an arbitrage opportunity exist.
b. If so, explain how an investor would exploit such an opportunity.
c.Approximate his payoff.

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