A bond is priced at 95 per 100 nominal, has a coupon rate of 5% per annum payable half-yearly, and has an outstanding term of 5 years. An investor holds a short position in a forward contract on 1 million nominal of this bond, with a delivery price of 98 per 100 nominal and maturity in exactly 1 year, immediately following the coupon payment then due. The continuously compounded risk-free rates of interest for terms of 6 months and 1 year are 4.6% per annum and 5.2% per annum, respectively.

Calculate the value of this forward contract to the investor assuming no arbitrage.