29.Let the spot price of gold today be $1,500 per ounce. A jewelry maker sets up a buying hedge by going long gold futures. The basis is $30 today and $50 on the last day of the hedge, when the futures position is closed and gold is purchased in the spot market. The jewelry makers effective buying price for gold is:

a.

$1,460

b.

$1,520

c.

$1,580

d.

$1,515

e.

$1,480