[4]. The current price of a non-dividend-paying stock is $100. The risk-free rate of interest is 6.0% per annum with semiannual compounding. Then the one-year forward price on the stock should be $__________ if there is no arbitrage opportunities.

[5]. The current price of a dividend-paying stock is $100. The risk-free rate of interest is 10% per annum with semiannual compounding. The stock is supposed to pay dividends in six months from now.

(a) If the dividend amount is known to be $2, then the one-year forward price should be $__________ if there exist no arbitrage opportunities. (Assume that the risk-free rate is constant throughout the one-year period.)

(b) If the dividend amount is known to be 2% of the stock price in six months, then the one-year forward price should be $__________ if there exist no arbitrage opportunities. (Assume that the risk-free rate is constant throughout the one-year period.)

[6]. The current spot price of oil is $100 per barrel. The cost of storing a barrel of oil for one year is $1.5 in terms of the cost at the end of the year. The risk-free interest rate is 10% per annum with semiannual compounding. The upper bound for the one-year forward price of oil should be $__________ if there exist no arbitrage opportunities.