Assume that the risk-free interest rate is 8% per annum with continuous compounding and that the dividend yield on a stock index varies throughout the year. In February, July, August, and November, dividends are paid at a rate of 5% per annum. In other months, dividends are paid at a rate of 1% per annum. Suppose that the value of the index on June 30 is 1,500. What is the futures price for a contract deliverable on December 31 of the same year?