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The price of silver is $20 per ounce, the riskless rate of interest is 10% c.c. and storage costs are $1.00 per annum, payable quarterly

The price of silver is $20 per ounce, the riskless rate of interest is 10% c.c. and storage costs are $1.00 per annum, payable quarterly in advance. The no-arbitrage price for a futures contract on silver with a term of 6 months is.

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