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The spot price of an investment asset is $28 per unit and the annualized risk-free rate for all maturities (with continuous compounding) is 5%. The

The spot price of an investment asset is $28 per unit and the annualized risk-free rate for all maturities (with continuous compounding) is 5%. The asset provides an income of $1.56 per unit at the end of the first and second years. Assuming no arbitrage opportunities exist, what is the forward price on a forward contract that matures in 3 years?

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