5. There is no cash flow at / = 0 At T the flow is S/d(0, c(k)/d(k, M)~

F, which must be zero.

9. (a) Vi-dn) = 1 -d(i -1,0; (b) Voin) = d(0, / - 1) -¿(0, 0; (c) 1 ~~d(0, M).

13. -1.31,250 lb orange juice; <rncw — 714a0id.

15. Short $16.3,200 Treasury futures.

17. Proof based on cov(..v, y2) — E(.vy2) — £(.vy)E(y) = 0 Both E(,vy2) and E(y) are zero by symmetry

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