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Suppose that the price of corn is risky, with a beta of 0 . 5 . The monthly storage cost is $ 0 . 0

Suppose that the price of corn is risky, with a beta of 0.5. The monthly storage cost is $0.04 per bushel, and the current spot price is $2.89, with an expected spot price in three months of $3.09. If the expected rate of return on the market is 1.7% per month, with a risk-free rate of 1.1% per month, what is the expected futures cost? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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