9. The spot price of silver is currently $7.125/oz, while the two- and five-month forward prices are $7.160/oz and $7.220/oz, respectively.
(a) If silver has no convenience yield, what are the implied repo rates?
(b) Suppose silver has an active lease market with lease rate l = 0.5% for all maturities expressed in annualized continously-compounded terms. Using the formula devel-oped in Question 3, identify the implied repo rate for maturities of two months and five months.
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