Stock FD is trading at 1100. The risk-free rate is 5% for all maturities and the stock is expected to pay a dividend of 10 at the end of each quarter. Assume you are at the beginning of the quarter. a. What is the six-month forward price of the stock, assuming interest calculations are on a continuously-compounded basis? b. What transactions will you undertake to exploit the arbitrage, if the futures price is trading higher than your estimate obtained above? Provide the detailed cash flows assuming a higher futures price.