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3. (8) Rederive the Black's formula. Let the distribution of the forward price at T be FT = Fee W: 2 z ~ N(0,1) Prove

3. (8) Rederive the Black's formula. Let the distribution of the forward price at T be FT = Fee\" W\": 2 z ~ N(0,1) Prove directly V; = P01) [E'Mdl (0) - K'I'(d2 (0)], forn%+%0'2(Tt) Tn, (120') =dl(t)m/Tt. (110) =

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