Please answer all parts a, b and c clearly.

3. (a) Explain the similarities and differences between being the short party of a forward contract and being the holder of an American put option contract. [6 marks] Suppose St is the price of a company's share at time t. Let at time t, Ct be the price of a European call option contract and pt be the price of a European put option contract on the share with the same strike price K and maturity date T. The continuously compounded constant risk-free rate of interest is r per annum. Consider two times u and v such that t