The picture is my question.

Question 6 (4 points): Suppose there is a forward contract on an investment asset. The asset does not provide any income, neither it incurs any storage cost. The forward contract will mature at time T. Current time is time 0. The spot price of the asset is SO per unit at time 0. There is a transaction cost for buying or selling the investment asset only in the spot market. This transaction cost is 0 per unit. The risk-free interest rate is r with continuously compounding. Prove that to make sure there is no arbitrage opportunity, the forward contract price E) must satisfy the following inequalities: (S0 c)e'T S E, S (S0 + c) e" (Hint: find out the profits of two potential arbitrage strategies, and the profits of those two strategies has to be less or equal to zero to make sure there is no arbitrage opportunity. you probably want to review how this is done in my video lecture or in the book for derivation of forward price for non- income producing investment asset)