1. The current price of a stock is 82. Suppose the stock pays monthly dividend for the next 2 years and the first payment will be made one month from now. The amount of the first dividend is 0.4, and each subsequent dividend will be 1% higher than the one in the previous month.

   If the continuously compounded risk-free interest rate is 3% per year. Calculate the price of a 2-year forward contract on the stock.