A one$-$year a forward contract on a non$-$dividend paying stock is entered into at fair value when the stock price is $$120.$ The price of the stock is $$60$ six months later, and $$60$ at maturity. The continuously compounded risk$-$free interest rate is $8\%$ per annum and does not change throughout the life of the contract. Consider a long position in the contract.

The forward contract's cash flow at $t=6$ months is:

The forward contract's cash flow at $t=T=12$ months is: