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The 7 -month and 12 -month forward prices for soybeans are $14.2485/ bushel and $14.0715/ bushel, respectively. The storage cost and convenience yield are 1.0%

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The 7 -month and 12 -month forward prices for soybeans are $14.2485/ bushel and $14.0715/ bushel, respectively. The storage cost and convenience yield are 1.0% and 6.5% p.a. respectively (continuous compounding). What is the 15 -month forward price? How to make an arbitrage profit if the 15 -month forward price is $14.55 /bushel? (Please show transactions on 1,000 bushels. Assuming that you are an arbitrager and have no soybeans on hand.)

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