The spot price for a barrel of oil is 54.60, while the futures contract for oil is trading at 54.70 per barrel. Moreover, the spot price for an ounce of gold is 1474.4, while the futures contract for gold is trading at 1469 per ounce. Both contracts are for delivery in 3 months. Given that the 1-year treasury rate (nominal interest rate) is 1.75%, find

a) The net convenience yield for oil,

b) The net convenience yield for gold.

c) What is the significance of the convenience yield?

N.B. Please show the explanation and steps of calculations