Suppose that the spot price of gold is $860. The total cost of insurance and storage for gold is $15 per year, payable in advance. The rate of interest for borrowing or lending is 2%. If the forward price is $880, and you are interested in arbitrage, you would:

Sell the spot commodity, lend money, and buy a forward contract
		Borrow money, buy the spot commodity, and buy a forward contract
		Borrow money, buy the spot commodity, and sell a forward contract
		Sell a forward contract, lend money, and buy the spot commodity