Value of Dividend

[nrxanders]

Q: A call and put both with strike $45 and time to expiration 18 months cost $3.45 and $13.46, respectively. If the stock’s current price is $35 and it pays a dividend in 6 months, what is the value of the dividend if the risk-free rate is 6%?

C(S, $45, 1.5) = $3.45
P(S, $45, 1.5) = $13.46
So = $35
r = 0.06
Div (.5)

Because of the Put-Call Parity:

C(S, $45, 1.5) - P(S, $45, 1.5) = So - Div*e^(-r/t) - K*e^(-r/t)

So,

3.45 - 13.46 = 35 - D*e^-(0.03) - 45*e^-(0.09)
-10.01 = -6.1289 - 0.974455*D
3.883 = 0.974455*D

D = 4

The Dividend that is actually paid out is $4.00, but the question wants know the value of the dividend.

My question is this...

What does SOA/CAS consider the value of a dividend, the actual amount paid or its present value?

[Colymbosathon ecplecticos]

Presumably on a real exam the question would clear what they are asking for. That said, the usual way to quote dividends is to give their nominal amount, so $4.00.