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The current spot price of crude oil is $101 per barrel and the three-month crude oil futures price is quoted at $105 per barrel. The

The current spot price of crude oil is $101 per barrel and the three-month crude oil futures price is quoted at $105 per barrel. The proportional storage cost of crude oil is 4.7% per annum with continuous compounding and the risk-free interest rate is 1.5% per annum for all maturities with continuous compounding. What is the cost of carry for crude oil?

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