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The current spot price of cotton is 8 0 TL per kg . The current annual interest rate in Turkey is 4 0 % .

The current spot price of cotton is 80 TL per kg. The current annual interest rate in Turkey is 40%. The annual cost of insuring and storing one ton of cotton in Turkey is 12000 TL. Given this information; calculate the thoretical price of a cotton futures contract (which deliver one ton of cotton) with 3 months remaining to maturity.

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