A stock index that pays no dividends has a spot price of $700. You are an arbitrageur with a continuously compounded borrowing rate of 7% and a continuously compounded lending rate of 6%. There is a $1.40 transaction fee (paid at time 0 only), forgoing either long or short the forward contract. There is also a $2.80 fee for buying or selling the index. The forward contract is cash-settled, so the stock index transaction fee is paid at both times 0 and 1.What are the no-arbitrage bounds for the 1-year forward price?