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Find out futures price for a contract deliverable

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Reference no: EM132715616

Assume that the risk-free interest rate is 9% per annum with continuous compounding and that the dividend yield on a stock index varies throughout the year. In February, July, August, and November, dividends are paid at a rate of 6% per annum. In other months, dividends are paid at a rate of 1% per annum. Suppose that the value of the index on June 30 is 1,500. What is the futures price for a contract deliverable on December 31 of the same year? (Please round your answer to two decimal places)

Reference no: EM132715616

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