Use the Black Sholes model to calculate the price of a six-month at-the-money European call option on December gold futures. December gold futures are currently trading at USD 1,300 per oz. Assume the volatility of the future contract and the volatility of spot gold are both 40% per annum. The risk-free rate is 4% per annum and the gold yield rate is 2% per annum, both continuously compounding.

If we switch the underlying to gold, and assume spot is trading at a zero basis to the futures price, what is the European call worth ? Answer in dollars and cents.