1. A LONG forward contract that was negotiated some time ago will expire in 2.5 years and has a delivery price of $60. The current stock price underlying this forward contract is $65. The risk-free rate with continuous compounding is 7% for all maturities. This stock pays dividend payment of $3 each in first year and second year, respectively. What is the value of this forward contract?

   * use at least 6 decimals in your calculations

   		9.23
   		-9.23
   		6.55
   		-6.55