A six-months long forward contract on a stock is entered into when the stock price is$50 and the risk-free rate of interest is 15% per annum with continuous compounding.The stock pays out a dividend of $3 in 1 months, a dividend of $2 in in 3 months anda dividend of $5 in 7 months.(

a) What are the forward price and the initial value of the forward contract?

(b) Four months later, the price of the stock is $55 and the risk-free interest rate is still 15%. What are the forward price and the value of the forward contract?