Schweser Afternoon Exam 3 Volume 2 - Equity Index Futures

There is a question asking who would benefit if the growth rate of dividends increases by 75 basis points - I got it right (by coincidence).

I reasoned it since the dividends would increase the future price would be lower to the long cause FP = (S-Cashflow) * (1+r)^t

However the explanation is the following: An increase in the dividends would increase the spot price of the equity index. As the spot prices increase, the future price for a given maturity also increases. Therefore, the value of a long index futures position rises as well.

Can someone please enlighten me? Cause with the equation above the future price would decrease and thats why I thought it is a benefit.

Thank you.