Suppose an active lease market exists for a commodity with a lease rate expressed in annualized

Suppose an active lease market exists for a commodity with a lease rate ℓ expressed in annualized continuously compounded terms. Short-sellers can borrow the asset at this rate and investors who are long the asset can lend it out at this rate. Assume the commodity has no other cost of carry. Modify the arguments in the appendix to the chapter to show that the theoretical futures price is F = e^(r−ℓ,)T S.