The spot price of crude oil is $60 per barrel and the cost of storing a barrel of crude oil for one year is $5, payable at the end of the year. The risk-free interest is 2% per annum continuously compounded. (a) The 1-year forward price for crude oil is $68. Is there an arbitrage opportunity in the market? If yes, please specify the trading strategy and cash flow, and whether the mispricing will be corrected. If no, please explain. (b) Please answer (a) again if the 1-year forward price for crude oil is $61. (c) If the 1-year forward price is $65, and there is no arbitrage in the market, please find out the convenience yield implied by the market.