The spot price of platinum is $1170 per ounce. The storage costs are $5 per six months paid the beginning of each six-month period. The continuously compounded interest rate is 5% per year. What should be the 1-year futures price of platinum per ounce?
a. $1239.99
b. $1240.11
c. $1240.37
d. $1240.50
e. $1240.63