**Please try and solve using Excel**

3) Suppose the current spot price of Brent crude oil is $63/barrel. Storage costs are 1% annually and the risk-free rate is 2.0%. Refiners who hold the oil receives some unknown convenience yield for holding it (for example, the refiner could still operate if crude deliveries stopped). If the futures price for delivery in 12 year is $63.50, what is the convenience yield (continuously compounded as a percent of the price of the inventory). Assume no arbitrage conditions hold