Futures contracts

Agreement to:

-Buy 100 oz. of gold @ US$1300/oz. in December

-Sell 62,500 @ 1.4500 US$/ in March

-Sell 1,000 bbl. of oil @ US$50/bbl. in April

Problem 1:

Suppose that:

The spot price of gold is US$1,200

The 1-year forward price of gold is US$1,300

The 1-year US$ interest rateis 5% per annum

Is there an arbitrage opportunity?

Problem 2:

Suppose that:

-The spot price of gold is US$1,200

-The 1-year forward price of gold is US$1,200

-The 1-year US$ interest rateis 5% per annum

Is there an arbitrage opportunity?

Problem 3:

Suppose that:

-The spot price of oil is US$50

-The quoted1-year futures price of oil is US$60

-The 1-year US$ interest rateis 5% per annum

-The storagecosts of oil are 2% per annum

Is there an arbitrage opportunity?

Problem 4:

Supposethat:

-The spot price of oil is US$50

-The quoted1-year futures price of oil is US$40

-The 1-year US$ interest rateis 5% per annum

-The storagecosts of oil are 2% per annum

Is there an arbitrage opportunity?