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A 1-year gold futures contract is selling for $1,870 (futures price) per ounce. The spot gold price is $1,800 per ounce and the 1-year risk-free

A 1-year gold futures contract is selling for $1,870 (futures price) per ounce. The spot gold price is $1,800 per ounce and the 1-year risk-free rate is 3%. Ignoring all the transaction and storage costs, the arbitrage profit implied by these prices for one ounce of gold is (Hint: find the theoretical gold futures price first)

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