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17 A commodity investor bought fully collateralized April contracts in a commodity on 1 March with the intent to roll them into May contracts on 1 April. The details of the trade are presented below.
| 1 March | 1 April | |
|---|---|---|
| April contract price | 14.70 | 15.20 |
| May contract price | 14.60 | 14.80 |
| Annual interest rate on government bills | 3.6% | 3.6% |
The investor's total return for March was closest to: