Suppose that the bid price of Google stock is $497 per share and the ask price is $501 per share. Google does not pay any dividends. Short selling the stock is feasible at zero cost. You can borrow at an annual rate of 5 and lend at 4.5% (simple compounding). The commission of closing a forward position is $1.2 per share. The short sell cost is $4 payable when the borrowed stock is returned. What is the lowest forward price that will not allow arbitrage? Please round to two decimal places.

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