Suppose that the bid price of Google stock is $499 per share and the ask price is $501 per share. Google does not pay any dividends. Short selling the stock is feasible at zero cost. You can borrow at an annual rate of 5 and lend at 4.6% (simple compounding). What is the lowest forward price that will not allow arbitrage? Please round to two decimal places. 521.95 margin of error +/0.1 The lower limit depends on the transaction costs involved in arbitraging under-priced forward contracts