A non-dividend-paying stock is currently selling for $50, and the risk-free rate of interest is 8% per annum with continuous compounding for all maturities. An investor has just taken a short position in a six-month forward contract on the stock. a. What is the forward price[x](sample answer: $25.45) b. What is the initial value of the forward contract? [y](sample answer: $25.45) c. Three months later, the price of the stock is $48 and the risk-free rate is still 8% per annum. What is the forward price now? [z](sample answer: $25.45) What is the value of the short position in the forward contract? [a](sample answer: $25.45 or -$25.45)