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A ten-month forward contract was issued on 1 September 2018 for a share with a price of 10 at that date. Dividends of 1 per

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A ten-month forward contract was issued on 1 September 2018 for a share with a price of 10 at that date. Dividends of 1 per share are expected on 1 December 2018, 1 March 2019 and 1 June 2019. Calculate the forward price assuming a risk-free rate of interest of 8% per annum convertible half-yearly and no arbitrage. [10 Marks

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