Forward Price Calculation for XYZ Corp

XYZ Corp has a current stock price of $50. The risk-free rate is 4% per annum, and the company is expected to pay a dividend of $2 in 6 months. An investor enters into a 1-year equity forward contract to purchase XYZ shares.

Assuming no arbitrage opportunities and that the forward price is set at the time of the contract's initiation, what is the forward price of the contract?