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Satoshi Takada, CFA, takes a long position in a 9-month equity forward contract with a forward price of JPY 1684.20 per share. After four months,

  1. Satoshi Takada, CFA, takes a long position in a 9-month equity forward contract with a forward price of JPY 1684.20 per share. After four months, the share price has increased to JPY 2087.54 and the annual risk-free rate is currently 1.44%. Based on this information the value of the forward contract to Takada is closest to:

    1. JPY 0.00

    2. JPY 413.34

    3. JPY 433.23

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