You enter into a long position in a one-year forward contract on a stock today when the stock price is $150, and the risk-free rate of interest is 2% per annum with continuously compounding for all maturities. This stock pays dividend of $1 per share in 3-month and in 9-month.

a) If six month later, the price of the stock is $148 and there is no arbitrage on the market. What is the value of the forward contract you entered before?