Tim invested in a long position in a forward contract on 100 shares of stock ABC on Sep 1st 2012 with a maturity of 12 months (that is, the delivery date of the forward contract is Sep 1st, 2013). The forward price on the contract is $104.08 per share. Stock ABC is not expected to pay any dividend before the maturity of the forward contract. The continuously compounded interest rate is 4% per year.

2. Six months after the initiation date of the forward contract, that is, on March 1st 2013, the price of ABC stock is $110 per share. What is the no arbitrage price of a forward contract on stock ABC with six months of maturity on March 1st 2013? Assume that the continuously compounded interest rate is still 4% per year on March 1st, 2013.

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