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Suppose Copper is trading at 1.30, with the three month interest rate at 4% continuously compounded. Assume the convenience yield of copper is 3% continuously

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Suppose Copper is trading at 1.30, with the three month interest rate at 4% continuously compounded. Assume the convenience yield of copper is 3% continuously compounded and that there are no other costs. (a) What is the range of arbitrage free forward prices possible? (Recall that the upper bound is determined by Sert and the lower bound by Se(r-k)T.)

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