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An investor holds a long forward contract on a non-dividend-paying stock at a price of $50. The contract has one year remaining to maturity and

An investor holds a long forward contract on a non-dividend-paying stock at a price of $50. The contract has one year remaining to maturity and the current price of the stock is $53. If the risk-free rate is 4%CC, what is the value of the forward contract?

A. $0.89

B. $2.88

C. $3.12

D. $4.96

E. $5.16

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