The value of the S&P 500 index is 3,945. The continuously compound risk-free rate is 3.6% and the continuos dividend yield is 1.7%. You consider trading 3 Micro E-mini futures on the S&P 500 (symbol: ES) with a contract unit of $50 x S&P 500 Index listed on CME and 120 days expiration. a. Calculate the no- arbitrage futures price of the position. b. Calculate the value of a long futures position after 80 days if the index value is $900