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It is now January. The current annual interest rate is 5 . 2 % . The June futures price for gold is $ 1 6

It is now January. The current annual interest rate is 5.2%. The June futures price for gold is $1651.10, while the December futures price is $1,657. Assume the June contract expires in exactly 6 months and the December contract expires in exactly 12 months.
Required:
a. Calculate the appropriate price for December futures using the parity relationship? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Price for December futures: ______________

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