Problem:
A stock is expected to pay a dividend of $20 per share in 1 months and in 4 months. The stock price is $51, and the risk-free interest rate is 9% per annum with continuous compounding for all maturities. An investor has just taken a long position in a 5-month forward contract on the stock.
Required:
Question: What is the forward price?
Note: Please show the work not just the answer.