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The spot price of silver is $ 2 2 per ounce. The storage costs are $ 0 . 3 2 per ounce per year payable

The spot price of silver is $22 per ounce. The storage costs are $0.32 per
ounce per year payable quarterly in advance. Assuming that interest rates
are 6% per annum for all maturities, calculate the futures price of silver for
delivery in twelve months.

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