A stock paying no dividends is trading on the New York Stock Exchange for $50.20, and the annual interest rate is 6.0% with continuous compounding. (i) (ii) Based on the current stock price and the no-arbitrage approach, what is the equilibrium three-month forward price? (5 marks) If the interest rate immediately falls to 4.0%, how much would the three-month forward price change? (10 marks) If this stock starts paying a dividend, how would this impact the price? Describe and justify your answer. (10 marks) (iii)