On January 1, a trader went short a one-year forward on a commodity that is costly to store but never generates any convenience benefits. The delivery price under the forward contract was set at 115.50 .

Six months later, on July 1, the trader was notified by her dealer bank that the value of the forward position (to the trader) was -11.00 . Suppose that the cost of storing the commodity was 10% (continuously compounded per year) on that day, and the risk-free rate was 9.53% (continuously compounded per year) on that day. What must have been the value of the underlying commodity on July 1?

Present your answer with two decimals. Your response must be within 1.00 of the correct answer to receive credit.