Six months ago you entered a forward contract for delivery of 100M barrels of crude oil. Under the term of the contract you will receive $70 per barrel at delivery 2 years from now. Today, the spot price of the same grade of crude oil is $76. Assuming that the risk free rate is 3% per year, what is the value of the forward? Assume a zero storage cost and a zero convenience yield.

1. $-1.57 per barrel
2. $-10.08 per barrel
3. $1.57 per barrel
4. $10.08 per barrel

Please shows steps and calculations.