Step (1) Assume that K is the Delivery Price (or Forward Price), calculate the payoffs to each of the following Forward contract positions at delivery/maturity date (Time T):  Case (A) Long Forward contract with Delivery Price (K = $145) and Spot Price at Delivery Date (ST = $120).  Case (B) Short Forward contract with Delivery Price (K = $145) and Spot Price at Delivery Date (ST = $120).  

Hint: Payoff to Long Forward (at delivery date T) is calculated as [ST K]. Payoff to Short Forward (at delivery date T) is [K ST] or [ST K].

Step (2) In addition, draw the payoff diagram of the Long Forward position in Case (A) above; and draw the payoff diagram of the Short Forward position in Case (B) above.

Note: you may draw the payoff diagrams.

Step (3) Based on the results of Case (A) and Case (B) above, is the Forward contract a "Zero-Sum Game"? Please explain your answer

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