Time left 1:26:52 A transaction in which an investor holds a position in the spot market and sells a futures contract is O a. a hedge O b. a speculative position O c. a arbitrage transaction O d. a risk-free transaction Assume an asset pays no dividends or interest, and also assume that the asset does not yield any non-financial benefits or incur any carrying cost. At initiation, the price of a forward contract on that asset is O a. equal to the value of the contract O b. lower than the value of the contract O c. greater than the value of the contract O d. zero