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17. The current price of a stock is 200, and the continuously compounded annual risk~free interest rate is 4%. A dividend will be paid every

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17. The current price of a stock is 200, and the continuously compounded annual risk~free interest rate is 4%. A dividend will be paid every quarter for the next 3 years, with the rst dividend occurring 3 months from now. The amount of the rst 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

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