The spot price for gold is $1,500 per ounce. The storage cost is 3% per annum. The risk-free interest rate is 5% with continuous compounding. If the futures price for a 1-year contract on gold is $1,600 per ounce, what is the arbitrage profit per ounce implied by these prices?

A) $100 B) $59.08 C) $24.93 D) $10.51