The spot SP500 index is 4,320. The three-month risk-free rate is 4.5% per annum and the dividend yield over the next three months is 2.5% per annum. The six-month risk-free rate is 5.0% per annum and the dividend yield over the next six months is also 2.5% per annum.

Estimate the futures price of the SP500 index for three-month and six- month contracts. All interest rates and dividend yield are continuously com- pounded.