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The current futures for WTI crude are show below. Each contract is for 1,000 barrels (bbl). Assume the spot price today, on 9/26/2016, is 45.25. Month Last price Change Open High Low Nov 2016 45.59 +1.11 44.62 46.20 44.43 Dec 2016 46.14 +1.07 45.18 46.76 45.01 Jan 2017 46.74 +1.05 45.83 47.35 45.62 Feb 2017 47.29 +1.01 46.65 47.91 46.22 Oct 2017 50.24 +1.15 49.71 50.55 49.71 You believe markets are efficient and the futures contracts are priced fairly. What is the implied convenience yield built into the Dec 2016 futures contract? Assume the risk-free rate and cost of storage are 1.50% and 10% per annum respectively, compounded continuously. There are 80 days until expiration of the Dec 2016 contract. Pick the best answer. O convenience yields2.00% O 2.00%