Suppose that an Intel single-stock futures contract expires in four months. The stock pays a dividend in two months. We have the following information.

• Annualized, continuously compounded risk-free interest rate for 2-month period: r = 3.4%.
• Annualized, continuously compounded risk-free interest rate for 4-month period: r = 6.96%.
• Current spot price of Intel stock: $29 per share.
• Dividend per share of $0.38 in two months.

What must the futures price equal in order than no arbitrage opportunity exist?