It is now January. The current annual interest rate is $3\%.$ The June futures price for gold is $$1,246\mathrm{.}30,$ while the December$$

futures price is $$1,251.$ Assume the June contract expires in exactly $6$ months and the December contract expires in exactly $12$ months.

Calculate the appropriate price for December futures using the parity relationship?$($Do not round intermediate calculations.$$Round your answer to $2$ decimal places.$)$

Price For December Futures

Is there an arbitrage opportunity here?