Suppose that todays spot price for 1 troy ounce of platinum is $1000. The owner of the platinum bar in the approved warehouse has to pay $0.01 per troy ounce per day for storage. FYI, the underlying of one platinum futures is 50 troy ounces. Answer the following questions by writing the final answer only. No partial credit is given, so dont show the calculation.

Question:

Suppose the market interest is zero so that anyone can borrow money without any interest. Therefore, the only cost of carry for the platinum futures is the daily storage charge. What would be the fair market value of one contract of this platinum futures expiring in 60 days in terms of USD, rounded to the nearest dollar if necessary?