The Spot Price of Australian Barley Is AUD$240 Per Metric

Short Answer

The spot price of Australian barley is AUD$240 per metric tonne, whereas the futures price of barley for delivery in nine months is AUD$252 per metric tonne. Suppose that storage costs are 8% per annum and the interest rates are 4% per annum for all maturities both rates are continuously compounded). Determine the convenience yield per annum continuously compounded) implied by the futures price. Answer as a per cent with two decimal places. ________