The current futures for WTI crude are show below. Each contract is for 1,000 barrels (bbl). Assume the spot price today, on 9/26/2016, is 45.25.

Month	Last price	Change	Open	High	Low
Nov 2016	45.59	+1.11	44.62	46.20	44.43
Dec 2016	46.14	+1.07	45.18	46.76	45.01
Jan 2017	46.74	+1.05	45.83	47.35	45.62
Feb 2017	47.29	+1.01	46.65	47.91	46.22
Oct 2017	50.24	+1.15	49.71	50.55	49.71

You believe markets are efficient and the futures contracts are priced fairly. What is the implied convenience yield built into the Dec 2016 futures contract? Assume the risk-free rate and cost of storage are 1.50% and 10% per annum respectively, compounded continuously. There are 80 days until expiration of the Dec 2016 contract. Pick the best answer.

Group of answer choices

convenience yield2.00%

2.00%

2.25%

2.50%

2.75%