The spot price of gasoline is 258 cents per gallon and the annualized risk free interest rate is 2.0%.

Given a continuously paid storage rate of 0.5%, and a convenience yield of 0.9%,

what is the no-arbitrage price range of a 1-year forward contract (in cents)?

Group of answer choices

259.55 to 264.53

259.55 to 266.92

262.16 to 264.53

264.53 to 266.92