Explain why the futures price t of stock (without paying dividend) with price t satisfies t = t er(T-t) where r is the risk-free rate, and T is the maturing date. You should use a detailed explanation of the arbitrage arguments in your answer. Can you use the same arguments (arbitrage arguments) to price ALL other types of futures contracts (for example would it work for stock that pays dividends, underlying assets like commodities)? You should provide answers and give reasons for the answers.