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The spot price of silver is $ 3 0 per ounce. The storage costs are $ 0 . 2 5 per ounce per year payable

The spot price of silver is $

30

per ounce. The storage costs are $

0.25

per ounce per year payable quarterly in advance. Assuming that interest rates are

7 %

per annum for all maturities, calculate the futures price of silver for delivery in

10

months.

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