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Morris Moneybags, CFA, believes he has identified an arbitrage opportunity for a commodity as indicated by the information given in the following exhibit: -Spot price

Morris Moneybags, CFA, believes he has identified an arbitrage opportunity for a commodity as indicated by the information given in the following exhibit:

-Spot price for commodity = $50

-Futures price for commodity expiring in 1 year = $60

-Interest rate for one year = 10%

If Morris exploits this opportunity, what is the arbitrage profit?

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