The value of the S&P 500 index is 2,420. The continuously compounded risk-free rate is 2.3% and the continuous dividend yield is 3%. You consider trading 10 E-mini futures on the S&P 500 (symbol: ES) with a contract unit of $50 x S&P 500 Index listed on CME and 280-days to expiration.
a. Calculate the no-arbitrage futures price of the position.
b. Calculate the value of a long futures position after 168 days if the index value is $1,938.