Q3] A stock is expected to pay a dividend of $1 per share in 3-month and in 9-month. The stock price is $80. An investor has just taken a long position in a 12-month futures contract on the stock. The zero rates for 3-, 6-, 9-, 12-month are 5%, 5.5%, 6% and 6.5% per annum with continuous compounding, respectively. 6-month later, the stock price is $82. The zero rates happen to be the implied forward rates 6-month ago. What is the value of the long position in the futures contract? (4 points) Q3] A stock is expected to pay a dividend of $1 per share in 3-month and in 9-month. The stock price is $80. An investor has just taken a long position in a 12-month futures contract on the stock. The zero rates for 3-, 6-, 9-, 12-month are 5%, 5.5%, 6% and 6.5% per annum with continuous compounding, respectively. 6-month later, the stock price is $82. The zero rates happen to be the implied forward rates 6-month ago. What is the value of the long position in the futures contract? (4 points)