You made the correct intermediate conclusion, which is that spot price and futures price are in lockstep with each other, with risk-free rate as the compounding/discount factor. Thanks for the write up. It's a bit confusing but I made it through.
You made the correct intermediate conclusion, which is that spot price and futures price are in lockstep with each other, with risk-free rate as the compounding/discount factor. Thanks for the write up. It's a bit confusing but I made it through.