15. Assume money can be borrowed at 6 percent and invested at 5 percent per annum, both rates continuously compounded. To trade in stocks, a brokerage commission of 0.50 percent of the stock price is charged today, but there are no brokerage charges on the maturity of the forward contract. A companys stock price is $55 today. Then the 1-year forward price should lie between:

a.

$57.91 and $58.87

b.

$56.04 and $56.94

c.

$57.16 and $58.32

d.

$56.24 and $57.14

e.

$57.53 and $58.69