Valuation of forward on Index paying a Continuous dividend yield In order to hedge against a potential price increase over the next 120 days, the portfolio manager decides to take a long position on a 120-day forward contract on the S&P500 stock index. Risk free rate is 5%. At t=0 the index is at 905The present value of dividends to be received over the life of the contract is 10. [Contract multiplier is SI.] What is the "No arbitrage" forward price at t 0? 5