A stock is expected to pay dividends of $1 per share in 2 months and 5 months. The stock price is $50.An investor has just taken a short position in a 6-month forward contract on the stock at no cost. 2-, 5- and 6-month LIBOR rates are 2.0%, 3.0%, 3.2%, respectively, with continuous compounding. Three months later, theprice of the stock turns out to be $48. 2- and 3-month LIBOR rates are 2.0%, 2.5%, respectively. What is thevalue of the short forward position to the investor?