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Suppose that at time t=0, the market price of the underlying asset will be 1000NOK, the price of a forward contract with a delivery time

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Suppose that at time t=0, the market price of the underlying asset will be 1000NOK, the price of a forward contract with a delivery time of one year will be 1080NOK, under periodic compounding with r=8%, and short-selling requires a 30% security deposit attracting interest at d=4%. Is there an arbitrage opportunity? Find the highest rate d for which there is no arbitrage opportunity

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