Problem 3. [Cash-and-carry with different interest rates] In real life, borrowing rates are higher than lending rates. Suppose that you can borrow at rB=6% but can only invest at rI=3%. Both rates are annualized, continuously compounded. Given that S0=30 and the asset pays continuous proportional dividends of =5%, derive the range of 1/2-year forward prices on this asset that are consistent with no-arbitrage. Use cash-and-carry strategies to justify your