1. The spot price of corn is $9 per bushel and the cost of storing a bushel of corn for two years is $1, payable at the end of the second year. If the risk-free rate is 6.5% per annum with continuous compounding, what is the upper bound for the two-year futures price of corn?

   		$10.25
   		$8.25
   		$11.25
   		$13.25