A one$-$year forward contract on ABC stock is currently quoted for $34\mathrm{.}03$ in the market. The current stock spot price is $35.$ The continuously compounded interest rate is $3\%$ per year.

ABC stock pays regular dividends to shareholders. Explain how you could have inferred this information from the traded market price of the forward contract $($no calculation required$).[5$ marks$]$

Over the next year, ABC stock will pay one dividend. What is the present value of the dividend that is consistent with the quoted price being arbitrage$-$free? $[4$ marks$]$

If you believe that ABC will pay a single dividend of $2,$ explain when it is expected to be paid $($i$.$e$.$ at which time is it being paid to shareholders$)?[4$ marks$]$

Assume a trader erroneously quotes $33\mathrm{.}50$ for the forward contract. Show in an arbitrage table how you can exploit the trader's price to make an arbitrage profit by trading one forward contract. $[7$ marks$][$Use your result from B$.$ for $.$ If you couldn't solve B$,$ then assume in your calculations$]$

$[$Hint: A$,$ B$,$ C and D can be answered independently$]$