15. This question generalizes the previous one from two deliveries to many. Consider a contract that requires the short position to make deliveries of one unit of an underlying at time points t1, t2, · · ·, tN· The common delivery price for all deliveries is F. Assume the interest rates for these horizons are, respectively, r1, r2,..., rN in continuously-compounded annualized terms. What is the arbitrage-free value of F given a spot price of S?
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