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Jill Mahoney, CFA, trades commodity forward contracts for her clients. The underlying commodities have active lease markets. The prices of some of the forward contracts appear lower than that given by her valuation model based upon the risk-free rate and borrowing rates. One explanation for this is that Mahoney has: A. included a convenience yield that is too high. B. included storage costs that are too low. C. not included the convenience yield. |