5. Consider a storable commodity like grain that has inventory value. We defined the

convenience yield as an equilibrium yield to holding the commodity that would in effect

violate a no arbitrage condition. The current date is April and current spot on the

commodity is $1.96. A May futures contract is trading at $1.95, the risk free rate is 9%, and

the storage costs are 1% of commodity price. Does this contract have a convenience yield

present? If so, calculate it in percentage terms (Hint: y = [ln(spot/futures) + (r+u)T]/T)