Question: 1. For a long forward contract on a stock which does not pay dividends, we found the following formula for the value of the

1. For a long forward contract on a stock which does not

1. For a long forward contract on a stock which does not pay dividends, we found the following formula for the value of the contract at time t. V(t,T) = (F(t,T) K) Z(t, T) Give a different derivation of this result, using portfolios which include (1) a forward contract starting at time t, and (2) a forward contract not starting at t but with delivery price K.

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