1) Suppose that an Intel single-stock futures contract expires in four months. The stock pays a dividend in two months. We have the following information. Annualized, continuously compounded risk-free interest rate for 2-month period: r = 3.86%. Annualized, continuously compounded risk-free interest rate for 4-month period: r = 4.95%. Current spot price of Intel stock: $30 per share. Dividend per share of $0.24 in two months. What must the futures price equal in order than no arbitrage opportunity exist?

2) The spot price of an investment asset is $47 per unit and the annualized risk-free rate for all maturities (with continuous compounding) is 6%. The asset provides an income of $1.68 per unit at the end of the first and second years. Assuming no arbitrage opportunities exist, what is the forward price on a forward contract that matures in 3 years?