Exercise 3 (Forward on asset paying known income). Suppose an asset with price (S1)21 pays in- come during the lift time of the forward contract, which is of value I > 0 at present time t (e.g., dividends, coupons, rent). We will show that F(t, T) = (S,- 1)e"(T-1). (5) (i) Give a replication proof of the above statement. (ii) Give a no-arbitrage proof of the above statement