(a) In at most two sentences, what is the difference between a forward contract and a future contract?

(b) Consider a share with S = 54, S(1,1) = 58.32, S(1,0) = 50, S(2,2) = 62.99, S(2,1) = 54 and S(2,0) = 46.30, with variable interest rates R(0,0) = 1.03, R(1,1) = 1.02 and R(1,0) = 1.04. Answer the following questions:

(i) Evaluate the risk-neutral probabilities, at nodes (0,0), (1,1), and (1,0).

(ii) Calculate P(0,2), the price (at time zero) of a zero-coupon bond that pays $1 at time 2.

(iii) Calculate the forward price F(0,0) for a forward contract on this asset, initiated at time zero and expiring at time 2.

(iv) Calculate the future price G(0,0) for a futures contract on this asset, initiated at time zero and expiring at time 2.