The following information is available with regards to the palm oil futures market at the end of December 2019. Spot price for crude palm oil is RM2250 Storage cost for one month is RM7 The 3 month Treasury bill rate is 4% The March 2020 futures is quoted at RM2450 and expected to expire in 3 months The yield on cash commodity is zero Required: a. Determine the fair price of the March 2020 FCPO contract. b. Recommend an arbitrage strategy that the trader should take based on your answer in (b).