3. Every forward contract has value zero when initiated, i.e. no payment involved, but as time goes by, the value of the forward contract will vary and will no longer be zero, in general. Assume a contract is signed, at time 0, to purchase the stock on date at price F(0,T). Let us denote through V (t) the value of this contract at time t, such that 0tT. Show that there is arbitrage unless the following condition is satisfied: V(t) = [F(t,T) F(0,T)]e(T-t) To show the existence of arbitrage, demonstrate clearly how riskless profits can be made. Here, F(a,b) denotes the forward price under a contract signed on date a to be executed on date b. [8 points]