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A stock, with a current price of $22, will pay a $4.50 divdend in 3 months. The 3-month, 6-month and 9-month risk free rates are

A stock, with a current price of $22, will pay a $4.50 divdend in 3 months. The 3-month, 6-month and 9-month risk free rates are 4.5%, 5.25% and 5.85% p.a. respectively. What is the forward price for a contract on this stock that matures in 9 months?

*18.31

*13.74

*18.26

*22.96

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