two-month interest rates in England and the United States are 4.5% and 6.75% per annum, respectively, with continuous compounding. The spot price of the U.K. Sterling is $1.5335. The futures price for a contract deliverable in three months is $1.5598. What arbitrage opportunities does this create? 9. The current price of silver is $18.69 per ounce. The storage costs are $0.39 per ounce per year payable quarterly in advance. Assuming that interest rates are 9.25% per annum for all maturities, calculate the futures price of silver for delivery in twelve months