Can someone help me with this one - it is question 53 of the derivatives section on CFAI

Ndlovu is also evaluating the forward contract in Zulu Mineral Mining (Zulu) stock to determine if an arbitrage opportunity exists. The South African 12-month prime rate is 3.25%. The spot price for Zulu is ZAR 60.50. Zulu pays an annual dividend of ZAR3.00 on a semiannual basis, and the next dividend is paid in three months. Interest compounds annually.

**Q.** The three-month forward price for Zulu stock is *closest* to:

- ZAR63.99.
- ZAR59.47.
- ZAR57.99.

Please include in responses why and how you got to your answer.