Consider a single stock futures contract on the stock of Brandex, a company that currently pays no dividends.

Each contract calls for delivery of 1,000 shares of stock in one year. The one-year T-bill rate is 4.00%.

If the Brandex stock price dropped from $115.00 by 4.00%,

What will be the new futures price?

Enter your answer in the following format: 123.45

Hint: Answer is between 102.19 and 128.59