I have a question on pricing a one-year forward.?

A trader owns gold. The trader can buy gold at $700 per ounce and sell it at $698 per ounce.
The trader can borrow at 6% per annum and invest at 5.5% per annum (where both rates
are compounded annually). Assume no storage cost and no bid-ask spread on forward prices.
For what range of one-year forward price does the trader have no arbitrage opportunities?

776.89 = 698*(1.055)^2
to 786.52 = 700*(1.06)^2

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