QUESTION 11 [3 MARKS] Bill has learnt that combining options can generate payoff profiles with a variety of shapes. He wonders, though, if in addition to non-linear payoffs, one could combine options to create a perfectly linear payoff. Bill's old friend Wilt tells him with confidence: "No Bill, with options you can only create non-linear payoff profiles. Bill thinks about it for a while and replies Actually, you know what Wilt? I think you are wrong. I'm sure I can replicate a forward contract with European options that would obviously generate a linear payoff. Do you agree with Bill or with Wilt? Please explain your answer with analytics