Consider a forward-type contract, on a stock S paying no dividends, issued at time 0 with delivery price X and delivery date T. That is, if you buy such a contract, you must buy the underlying asset at time T for price X. Suppose that, at some fixed time t = [0,T], the value Vx(t) of this contract is lower than the fair price: Vx(t) < [F(t,T) X]e"(Tt), where r is the continuously compounded interest rate, and F(t, T) is the forward price of a forward contract (on this stock S) issued at time t with the same delivery date T. Construct a portfolio and show that your portfolio gives an arbitrage opportunity.