The spot price of silver is ($ 15) per ounce. The storage costs are ($ 0.24) per

Question:

The spot price of silver is $\$ 15$ per ounce. The storage costs are $\$ 0.24$ per ounce per year payable quarterly in advance. Assuming that interest rates are $10 \%$ per annum for all maturities, calculate the futures price of silver for delivery in 9 months.

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