Derivatives Topic Test Question

[shrutic]

Can anyone help me with the 2nd question on Derivatives Topic test #5
The share price is asked using the put call parity equation and i dont understand from where the PV of dividends has been deducted from the stock. Can anyone help me how they came with the dividend no.
Thanks!

 

[krokodilizm]

The PV of dividends deducted is 2.96. It is calculated as below
The formula for quarterly discount factor using 2% annual interest rate is
1.02^Q/360
So first quarter is 1.02^90/360
Winters. Name of the topic test is Winters