The current price of silver is $$30$ per ounce. The storage costs are $$0\mathrm{.}48$ per ounce per year payable quarterly in advance. Assuming that interest rates are $10\%$ per annum for all maturities, calculate the futures price of silver for delivery in nine months.

The spot price of oil is $$80$ per barrel and the cost of storing a barrel of oil for one year is $$3,$ payable at the end of the year. The risk$-$free interest rate is $5\%$ per annum continuously compounded. What is an upper bound for the one$-$year futures price of oil?