$4.$ Consider a forward contract for a stock paying a dividend at time t in

$(0,$ T$),$ and suppose

F$(0,$ T$)<$

$($S$(0)$ B$(0,$t$)$ div$)/$

B$(0,$ T$)$

Describe the positions$/$actions you could take at times $0,$t$,$ and T to generate a risk$-$free profit.

This is the second half of the proof of Theorem $4\mathrm{.}4$ in the book; use the

first half as a guide on what actions to take