Correct answer: B

Using the speculator’s assumed 8% discount rate, the expected future spot price implied by a fair price can be estimated as the current spot price grown at that rate for one year:

$$E[S(1)] = 40 \times 1.08 = 43.33$$

So the expected future spot price is $43.33.

Note: If the question were using a pure no-arbitrage futures-pricing relationship, the risk-free rate would matter. However, this question explicitly gives the speculator’s own discount rate, which points to the expected spot price being $43.33.