Company X entered into a six-month short forward agreement on a stock at T=0. The stock price was TRY54 and it was expected to pay a dividend of TRY2 per share in two months and in five months. The risk-free rate of interest was 17% per annum with continuous compounding for all maturities. 3 months later, the price of the stock became TRY 49 and the risk-free rate of interest became 13% per annum with continuous compounding for all maturities. The price of the stock was at TRY59 when the forward matured. 

1.  Calculate the value of the Company X's forward contract as at T=0. (Use - for loss.) 

2.  Calculate the new forward price at T=3 months.

3.  Calculate the value of the Company X's forward contract as at T=3 months. (Use - for loss.) 

4. Calculate the value of the Company X's forward contract at maturity. (Use - for loss.)