The current price of a stock is 200, and the continuously compounded risk-free interest rate is 4%.

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The current price of a stock is 200, and the continuously compounded risk-free interest rate is 4%. A dividend will be paid every quarter for the next 3 years, with the first dividend occurring 3 months from now. The amount of the first dividend is 1.50, but each subsequent dividend will be 1% higher than the one previously paid. Calculate the fair price of a 3-year forward contract on this stock. 

(A) 200 

(B) 205 

(C) 210 

(D) 215 

(E) 220

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