Question: A short forward contract on a commodity that was negotiated some time ago will expire in 8 months and has a delivery price of $56.

A short forward contract on a commodity that was negotiated some time ago will expire in 8 months and has a delivery price of $56. The current spot price of the commodity is $54. The risk-free interest rate (with continuous compounding) is 6.1%. What is the value of the short forward contract?

(Round your answer to the nearest hundredth)

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