Q.15 Suppose that a trader enters into a 4-year forward contract on a bond. The spot price of the bond is USD 90. The bond is expected to provide a coupon of USD 8 at the end of the $1^{\text{st}}$year, `$2^{\text{nd}}$ year, and $3`^{\text{rd}}$ year. If the risk-free rate is 5% per annum, what is the 4-year forward price?