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A stock is expected to pay a dividend of $0.50 per share in two month, in...

A stock is expected to pay a dividend of $0.50 per share in two month, in five months and in eight
months. The stock price is $20, and the risk-free rate of interest is 5% per annum with continuous
compounding for all maturities. You have just taken a short position in a nine-month forward contract
on the stock. Seven months later, the price of the stock has become $23 and the risk-free rate of interest
is still 5% per annum. What is the value your position seven months later?

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