wk 7

November 2020 contract = 1970.50

March 2021 contract = 1,996.00

Treasury Rate = 0.52%

Let y be convenience yield for 4 months

F = P*(1+r-y)^t

=> 1,996.00 = 1970.50*(1+0.52%*4/12 - y)^4

=> 1,996.00 /1970.50 = (1+0.52%*4/12 - y)

=> y = 0.00176687 - 0.00277950 = -0.10.50%

Annualized convenience yield = 3* - 0.10.50% = -0.31%

..

Here is negative yield.