1. You are examining the platinum market on February 1 and notice a potential discrepancy between spot and futures prices. The spot price is $1,040 per ounce and the May futures price is $1,090 per ounce. Delivery on the May futures contract begins on May 1 . The three-month LIBOR rate is 2.35% (continuously compounding, expressed as annual rate). Is there an arbitrage opportunity? What are the cash flows generated by the arbitrage strategy