Upper Bound on Futures Price

The spot price of oil is $$50$ 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. Consider a $1-$year futures contract on oil.

$\frac{211}{1}$ point

What is the present value of the storage cost? $($at least $3$ decimal places$)$

$\frac{0}{1}$ point

Note that oil is a consumption commodity and so$,$ as discussed in class, we can't

establish a lower bound for the futures price $($understand why$).$ However, we can

establish an upper bound. What is this upper bound? $(2$ decimal places$)$