Suppose that the current price of a stock is 75. The expected value of the stock price in three years is 90 per share. The stock pays no dividends. Supposed further that you know the following: the risk-free interest rate is positive, there are no transaction costs and investors require compensation for risk. The price of a three-year forward on a share of this stock is X, and at this price an investor is willing to enter into the forward. Determine what can be concluded about X. Show all the steps of your reasoning.