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In an efficient market, cocoa is traded both on the spot market and on futures in 1 year. The forward price is SEK 8.19 per

In an efficient market, cocoa is traded both on the spot market and on futures in 1 year. The forward price is SEK 8.19 per kg and is calculated on a storage cost of 9.54% of the spot price and an interest rate of 2.96%. What is the spot price of 1 kg of cocoa today? Round your answer to two decimal places, e.g. have you calculated a price of 1.8325 then answer 1.83.

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