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The spot price of an investment asset is $30 and the risk-free rate for all maturities is 10% p.a. with continuous compounding. The asset incurs

The spot price of an investment asset is $30 and the risk-free rate for all maturities is 10% p.a. with continuous compounding. The asset incurs a storage cost of $2 at the end of the first year and at the end of the second year. What is the three-year forward price?

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$41.53

$40.85

$45.90

$45.15

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