Suppose the one-year gold lease rate is 1.5% and the one-year risk-free rate is 5.0%. Both rates

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Suppose the one-year gold lease rate is 1.5% and the one-year risk-free rate is 5.0%. Both rates are compounded annually. Use the discussion in Business Snapshot 3.1 to calculate the maximum one-year forward price Goldman Sachs should quote for gold when the spot price is $1,200.
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