An equity manager owns cisco stock which is currently trading at 30/ share. he plans to sell the stock in 110 days to take advantage of the lower capital gains tax rate for stocks held at least 1 year but is concerned about possible price decline in the interim. He decides to take a short position in a 110-day forward contract on the stock when the risk-free rate is 3%. The stock will pay a 0.60 per share dividend in 40 days and another 0.60 in 130 days. What is the value of the contract in 45 days, assuming the stock is trading at $24 (st) and the risk-free rate is still 3%?