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At the inception of a six-month forward contract on a stock index, the value of the index was $1,150, the interest rate was 4.4 percent, and the continuous dividend was 1.8 percent. Three months later, the value of the index is $1,075. Which of the following statements is TRUE? The value of the: A. long position is $82.41. B. long position is $47.56. C. long position is -$82.41. D. short position is $47.56. |