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The spot price of oil is $80 per barrel and the cost of storing a barrel of oil for one year is $3, payable at

The spot price of oil is $80 per barrel and the cost of storing a barrel of oil for one year is $3, payable at the end of the year. The risk-free interest rate is 5% per annum, continuously compounded. What is an upper bound for the one-year futures price of oil? Show your work.

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