You are a purchasing agent at a large ethanol company. Corn is the primary input in ethanol production. It is currently October $1^{st},$ and you must make a large purchase of corn at a later date $($May $1^{st}).$ Thus the ethanol company is short cash corn on October $1^{st}.$ Your basis forecast for the beginning of May is $-$ $$0\mathrm{.}13.$ Therefore, you place a hedge on October $1^{st},$ and lift the hedge and purchase cash corn on May $1^{st}.$ Using the following prices, answer the associated questions:

October $1^{st.}$

Cash price $=$$$\frac{7\mathrm{.}50}{b}u$

July futures $=$$$\frac{7\mathrm{.}80}{b}u$

May $1^{st\text{:}}$

Cash price $=$$$\frac{6\mathrm{.}35}{b}u$

July futures $=$$$\frac{6\mathrm{.}51}{b}u$

QUESTION $-$ Assume that you placed a traditional futures hedge $($long futures$)$ on October $1$ st instead of using an options hedging strategy. You even$-$up the hedge and purchases cash corn on May $1$st$.$ Calculate the final price paid for corn for this traditional hedge. In doing this, set up the hedge and show work.