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A stock will pay a dividend of $0.5 in 1 month and $1 in 4 months. The continuous risk-free rate for all maturities is 5

A stock will pay a dividend of $0.5 in 1 month and $1 in 4 months. The continuous risk-free rate for all maturities is 5 %. The current price of the stock is $40. Calculate the arbitrage-free price of a six-month forward contract on the stock.

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