2) On March 1 the spot price of gold is $1,264.18 and the December gold futures price is $1,269.07. (All prices are per Troy ounce.) On November 15 the spot price of gold is $1,385.68 and the December gold futures price is $1,381.16. A gold mining company entered into short position in gold futures contracts on March 1 to hedge the sale of gold on November 15. It closed out its position on November 15. What is theeffective price per ouncereceived by the company for the gold? Assume that the company completely hedges its price risk and only faces delivery month basis risk. Ignore brokerage fees and other transactions costs.

Do not round values at intermediate steps in your calculations. Enter your answer in dollars and cents,rounded to the nearest penny. Do not type dollar signs or commas. For example, type $1,234.56 as 1234.56