On March 29th, 2022, the futures price for bitumen bu2206 on Shanghai Futures Exchange is 3870 yuan per ton. There are 78 natural days left for this contract. The price of bitumen in the spot market is 3650 yuan per ton. The simple risk-free interest rate is 0.02822 per annum (annual compounding).

(a) Convert the simple risk-free interest rate into its equivalent per annum, continuous compounded return.

(b) Explain what the implied lease rate is. Calculate the implied lease rate?

(c) How would you interpret that number? Hence, or otherwise, give a rough estimate of the continuously compounded storage cost λ per annum.