An investor takes a long position in a 13-month forward contract on a stock, which is expected to pay a $1.50/share dividend in 4 months and another $2.00/share dividend in 10 months. The stock is currently trading at $105 and the risk-free rate is 3% per annum with continuous compounding for all maturities. a) What is the fair forward price for this forward contract? b) After six months, the stock price increases to $111 and the risk-free rate of interest is still 3% per annum. What are the forward price and the value of the forward contract for the investor?