Assume that $,{?}_t{F}_{T2}={?}_t{F}_{T1}(1+{?}_{T1}{r}_{T2})+{?}_{T1}{C}_{T2}.$

Also assume that $T_2-T_1$ is one year, $T_1{C}_{T2}=$$$1$ and $T_1{r}_{T2}=10\%$

A$)$ Are the following equilibrium prices? ${?}_t{F}_{T1}=100,{?}_t{F}_{T2}=133.$

If not, what is the arbitrage profit $($established at time $t)$ from positions held till maturity?

B$)$ Say prices adjust the next day $t+1($ where ${?}_{t+1}{F}_{Tl}{?}_{t+1}{F}_{T1}={110}_{t+1}{F}_{T1}={100}_{t+1}{F}_{T1}=120t_{+1}{F}_{T2}t+1t+1F_{T1}=90,{?}_{t+1}{F}_{T2}=135t+1$