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 maker's effective buying price for gold is: O a. $1,520 O b. $1,480 O c. $1,515 O d. $1,460 O e. $1,580