Suppose unleaded gasoline is currently trading at $2.90 per gallon. You face an interest rate of 4.80 percent and a carrying cost of $0.12 per gallon per month. The current market price of a four-month futures contract on gasoline is $3.40 per gallon. You are evaluating a three-month carry trade opportunity.

1. Determine the present value of the storage costs (PVSC).
2. Identify what the futures price should be under spot-futures parity.
3. Calculate the potential profit per gallon.