It is March 9, and you have just entered into a short position in a soybean meal futures contract. The contract expires on July 9 and calls for the delivery of 100 tons of soybean meal. Further, because this is a futures position, it requires the posting of a \$3,000 initial margin and a \$1,500 maintenance margin; for simplicity, however, assume that the account is marked to market on a monthly basis. Assume the following represent the contract delivery prices (in dollars per ton) that prevail on each settlement date: March 9 (initiation) $175 April 9179.75 May 9189.00 June 9182.50 July 9 (delivery) 192.25 Assuming that the underlying soybean meal investment pays no dividend and requires a storage cost of 1.7 percent (of current value), calculate the cost of carry from March 9 to July 9. In your calculations, assume that an annual risk-free rate of 9.8 percent prevails over the entire contract life. (Keep 4 decimal places) It is March 9, and you have just entered into a short position in a soybean meal futures contract. The contract expires on July 9 and calls for the delivery of 100 tons of soybean meal. Further, because this is a futures position, it requires the posting of a \$3,000 initial margin and a \$1,500 maintenance margin; for simplicity, however, assume that the account is marked to market on a monthly basis. Assume the following represent the contract delivery prices (in dollars per ton) that prevail on each settlement date: March 9 (initiation) $175 April 9179.75 May 9189.00 June 9182.50 July 9 (delivery) 192.25 Assuming that the underlying soybean meal investment pays no dividend and requires a storage cost of 1.7 percent (of current value), calculate the cost of carry from March 9 to July 9. In your calculations, assume that an annual risk-free rate of 9.8 percent prevails over the entire contract life. (Keep 4 decimal places)