Suppose that THY stock pays no dividends and has a current price of $50$TL$.$ The forward price for delivery in $1$ year is $55$TL$.$ Suppose the $1-$year effective annual interest rate is $10\%.$

a$.$ Graph the payoff of this futures contract.

b$.$ Is there any advantage to investing in the stock or the futures contract? Why?

c$.$ Suppose THY decides to pay a dividend of $2$ TL per year. Is there any advantage to investing in the stock or the futures contract? Why?