Suppose the spot price of gold is $2000 per ounce. The futures price for delivery in six months is $2058, while the futures price for delivery in one year is $2105. The interest rate on 6month loans is 5.00 percent (on an annual basis). So is the rate on a one-year loan. a. Ignoring transactions costs, does the six-month contract represent an arbitrage opportunity? Why? b. What is the implied interest rate for the first six months? 1 c. What is the implied forward rate six months hence? (recall computing forward rates from bonds with different maturities) d. Suppose the 6 month Futures price is 2045 and the 1 year Futures price is 2100 . Assuming there are no restrictions on selling gold short and no loan fees, what are the arbitrage gains, if any