Consider an asset with price St at time t $,$ paying a dividend at a constant dividend

yield, D $.$ Dividends are paid at the end of each year and are immediately reinvested

in the asset. The continuously compounded risk$-$free rate of interest is r pa$.$ Derive

the forward price, K $,$ of a contract issued at time t $,$ with maturity at time T $,$ to

trade one unit of the asset, where T $$ t is an integer number of years. State any

assumptions you make