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Mr. Smith holds a long position in a Nikkei 225 futures contract that has a remaining maturity of three months. The continuously compounded dividend yield

Mr. Smith holds a long position in a Nikkei 225 futures contract that has a remaining maturity of three months. The continuously compounded dividend yield on the Nikkei 225 Stock Index is 1.1% and the current stock index level is 16,080. The continuously compounded annual interest rate is 0.2996%. Calculate the current no-arbitrage futures price of the Nikkei 225 futures contract.

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