The one-year futures price on a particular stock-index portfolio is 1,218, the stock index currently is 1,200, the one-year risk-free interest rate is 3%, and the year-end dividend that will be paid on a $1,200 investment in the index portfolio is $15.

a.	By how much is the contract mispriced? (Input the amount as positive value.)

The futures price is $ below/above its "proper" or parity value.