Consider a forward contract on gold. Each contract covers 100 ounces of gold and matures one year from now. Suppose it costs $2 per ounce per year to store gold with the payment being made at the end of the year. Assume that the spot price of gold is $1300 per ounce, the continuously compounded risk-free interest rate is 4% per annum for all maturities. Assume you immediately sell one contract. What is the value of your position in 3 months' time if the gold spot price has fallen to $1200 per ounce and interest rates have not changed? Show your calculations.